Brothers Giuliano and Giordano Calza have sold a majority stake in their high-end streetwear brand to Italian investment firm Made in Italy Fund, but will continue to play an active role at the company.
The day after the luxury group announced that it will pay a record fine of 1.25 billion euros to Italian tax authorities, shares in the company rose 1%, reflecting a certain confidence as this chapter draws to a close.
French luxury group Kering is close to agreeing to pay between €1.3 billion (£1.1 billion) and €1.4 billion to settle a dispute with Italian authorities over unpaid taxes by its fashion brand Gucci, sources said.
Luxury goods group Kering joined competitors in defying concerns of waning demand in China, as momentum at its powerhouse Gucci slowed slightly in the fourth quarter but still outperformed most other fashion brands.
Milan prosecutors have wrapped up their probe into alleged tax evasion of around 1 billion euros ($1.13 billion) by fashion group Gucci, paving the way for a formal request for a trial, a judicial source said on Tuesday.