Kering finally agrees a €1.25 billion payment to Italian tax authorities
Gucci tax payment solved for €1.25 billion by Kering
Kering announced yesterday that it will pay €1.25 billion to Italian tax authorities to settle their charge that its top brand Gucci evaded taxes by filing through its Swiss subsidiary instead of its Italian home base between 2011 and 2017. The settlement is the largest Italy’s department of taxation has ever reaped from a company. And although the payment is large, it’s a bit of a drop in the bucket for Kering which reportedly has more than €10 billion in cash squirreled away.