French luxury group Kering is rumoured to settle an Italian tax dispute for 1.3 or 1.4 billion euros, closing a case of alleged tax evasion by its subsidiary Gucci.
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French luxury group Kering has had a spectacular 2018: the parent holding of Gucci and other luxury brands increased its turnover by 29.4 % and net profits even doubled. Still, there are dark clouds on the horizon: the company is facing a multi-billion euro fine.
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French luxury group Kering achieved a 36.5 % turnover increase in its first quarter as Gucci took full advantage of a 90’s revival among young consumers: the luxury brand is “hot” among teens and saw its turnover climb 48.7 %.
French luxury group Kering proved to be very successful in 2017: its turnover grew 25 % and its net profit more than doubled compared to the year before.
Fashion brand Gucci has opened a museum and a restaurant for fifty people in Florence. Three-star chef Massimo Bottura will serve high-quality meals there. A dish will cost between 20 and 30 euro.
The Italian police raided Gucci’s offices in Milan and Florence, looking for evidence of tax avoidance. The fashion label admitted there was an investigation and that it is fully cooperating.
Fashion brand Gucci will no longer use fur in its clothing and accessories, as CEO Marco Bizzarri promised during his Kering Award for sustainable fashion acceptance speech for the London College of Fashion.
Fashion label Gucci has decided to file a lawsuit against fashion chain Forever 21 in the United States. The case revolves around several pieces of clothing, all with a blue-red-blue or green-red-green ribbon.
French luxury company Kering had a poor first quarter, in which its performance did not meet expectations. French fashion brand Yves Saint Laurent performed best, while Bottega Veneta had a very poor spell.