ITALY: “Tax probe” involving Valentino sale
Reuters said the seizures were part of an ongoing tax investigation into the EUR5.3bn sale of the fashion houses by the Marzotto Group to private equity group Permira.
The tax police are reported to have seized real estate, land and corporate holdings owned by 13 people “linked to one of Italy’s most important families in the fashion and textile sector” – believed to be the Marzotto family.
Police allege that a holding company was set up in Luxembourg to avoid paying EUR65m of tax on a capital gain of almost EUR200m, but lawyers for the Marzotto Group deny this.
Fashion business Hugo Boss posted earnings down 11% in the first quarter, hit by the "persistently challenging economic environment" and changes to delivery timings....
German fashion house Hugo Boss has set out an upbeat forecast for further growth in 2013, with gains in all geographic regions and at its own retail stores....
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