Gucci owner Kering close to settling Italian tax dispute for 1.3-1.4 billion euros: sources
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FILE PHOTO: The logo of Kering is seen during the company’s 2015 annual results presentation in Paris, France, February 19, 2016. REUTERS/Charles Platiau
MILAN (Reuters) – French luxury group Kering is close to agreeing to pay between 1.3 billion and 1.4 billion euros ($1.5-1.6 billion) to settle a dispute with Italian authorities over unpaid taxes by its fashion brand Gucci, three sources told Reuters.
The agreement between the French luxury goods group and the Italian tax authority is expected to be signed in the first days of May, said one of the sources, who all have direct knowledge of the matter.
Kering had no immediate comment while the tax authority could not immediately be reached for comment.
Earlier this year Kering said it faced a claim for 1.4 billion euros in unpaid Italian taxes, adding that it contested the preliminary findings.
Reporting by Emilio Parodi, editing by Agnieszka Flak