Italian fiscal authorities seize assets worth 65 million euros in a tax probe on the sale of Hugo Boss and Valentino in 2007
Italy’s tax police said on Monday they had confiscated real estate, land and corporate holdings of 13 people “linked to one of Italy’s most important families in the fashion and textile sector.” A person familiar with the investigation told Reuters the 13 people in question were linked to the Marzotto group, and included members of the Marzotto family.
Marzotto sold Valentino Fashion Group – then including both the Valentino label and Hugo Boss – to private finance group Permira in 2007 for 5,3 billion euros. The people under investigation are suspected of not having filed tax returns. The Italian government has set fighting chronic tax evasion as one of its priorities as it seeks to get to grips with the country’s towering debt crisis and find resources to fund growth. Lawyers representing the Marzotto Group said on Monday the decision taken by Milan prosecutors ordering the seizure was “totally groundless”. The lawyers said bank documents showed capital gains from the operation had been declared and taxed.