WWD is reporting that the tax office for Lazio, Italy has issued a 33 milllion Euro fine to fashion label Valentino, including mr. Valentino Garavani himself along with business partner Giancarlo Giammetti.
The tax office speculates that "the retired couturier and Giammetti avoided declaring their revenues in Italy by moving their residence outside the country, while keeping their businesses here," according to WWD's report.
But we highly doubt Valentino is attempting a Bernard Madoff. the partners behind the design company claim they moved their residence over 10 years ago. Considering the casual pace at which Italian business is conducted, its more likely it took the tax office that long to notice they'd changed locations.
Still, the issue, and sadly the declining state of Italy's economy, is no joke. We hope the entire thing gets wrapped up in a bow bag soon.
more info: http://www.wwd.com/fashion-news/valentino-giammetti-cited-in-tax-probe-1922370?src=rss/fashion/20090114
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