Prada confirms investigation by Italian tax authorities

Prada Group has confirmed over the past weekend that it had been informed of an ongoing examination by the Italian Judicial Authority. Authorities are looking into the accuracy of past tax filings “in respect of foreign owned companies,” according to the release.

The company said that “neither the company nor any of its subsidiaries was or is involved in this matter” and reiterated that a previous voluntary disclosure by Miuccia Prada and Patrizio Bertelli resulted in an agreement that “completely satisfied the claims of the Italian Tax Authority, as declared and confirmed by the Authority itself.” Prada Group had agreed to relocate companies in the Netherlands and Luxembourg (both lower-tax regions) back to Italy and pay 420 million euros in backdated tax.

Italian tax authorities have been targeting major luxury brands, most notorious recent cases being Bvlgari and Dolce & Gabbana.

Patrizio Bertelli and Miuccia Prada