Paris-based luxury retail group
According to new reports, the French financial prosecutor’s office has been investigating the issue as early as February 2019. The alleged misconduct in question relates to a system set up by Kering which allows it to declare in Switzerland activities taken place in third countries, which ultimately led to the avoidance in paying a whopping €2.5billion EUR ($3 billion USD) in taxes between 2010 and 2017. Figures suggest that the company saved €180 million EUR ($220 million USD) in taxes for its Yves Saint Laurent brand alone.
It’s not the first time the company has been investigated for tax fraud. Back in 2017, a Milan prosecutor launched investigations in Italy against Kering for the same Swiss-related activity, which ultimately led to a record-breaking €1.25 billion EUR ($1.5 billion USD) tax penalty for the conglomerate in 2019.
In other related news, Condé Nast announced reconfigurations for its global leadership team.