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

The Swedish university where students tackle real-world problems

Ranked among the world's best young universities in the QS Top 50 Under 50, Linköping University (LiU) uses innovative learning techniques that prepare its students to tackle the challenges of tomorrow.

Advertisement
Advertisement
Jobs
Click here to start your job search
Advertisement
Advertisement

Popular articles

Advertisement
Advertisement