Gucci confirms tax raids on Milan, Florence offices

Milan: Italian fashion major Gucci has confirmed a report in La Stampa that police raided its offices in Florence and Milan
over suspected tax evasion. The Milan public prosecutor suspects Gucci of declaring several years worth of Italian
sales in Switzerland to save $1.5 billion in domestic tax, the daily said. Tipped by a former Gucci employee,financial
police conducted search for three days at Gucci’s Milan headquarters and other offices. Gucci said
in a release that it is cooperating with the authorities and is confident about the transparency in its operations
Four years ago, fashion major Prada had to cough up €470 million to the taxman for declaring a decade’s worth of home
revenue abroad to save domestic tax.