Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland
Advertisement

Armani settles tax row with €270m payoff

Share this article

Armani settles tax row with €270m payoff
Giorgio Armani pictured in Milan in January 2014. Photo: Andreas Solaro/AFP
10:40 CEST+02:00
Giorgio Armani settled a tax dispute in Italy by paying €270 million ($373 million) this week, Italian business daily Il Sole 24 Ore reported on Friday.

The payment is linked to taxes owed by three foreign subsidiaries of the luxury company, which is 100-percent owned by fashion king Armani, it said.

The period covered is between 2002 and 2009, when the company changed strategy and decided to bring back to Italy subsidiaries that have previously been abroad.

The report said there were no more tax claims against the company, whose overall tax burden it said went up from 28.5 percent in 2010 to 44.8 percent in 2012.

Giorgio Armani, now 79, founded the company in 1974.

Forbes magazine said it had an annual turnover of $1.6 billion (€1.2 billion) in 2013 and estimated the fashion designer's personal fortune at $8.5
billion (€6.1 billion euros).
 

Get notified about breaking news on The Local

Share this article

Advertisement

From our sponsors

Learn French in Switzerland: A fully immersive experience

Hiking in the Swiss Alps, visiting local chocolate factories, wine-tastings, jazz festivals and car shows are not part of your typical language course. Unless, that is, it's an Alpadia language course.

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement

Popular articles

Advertisement
Advertisement