Gucci Offices Raided in Tax Probe -Reports

Gucci said Monday that police raided its offices in Milan and Florence over suspected tax evasion, confirming Italian press reports, according to AFP.

--The Milan public prosecutor alleges that the fashion house, part of the French luxury group Kering, paid taxes on several years of Italian sales in Switzerland, saving around 1.3 billion euros ($1.5 billion), daily La Stampa said.

--In a statement, the company said: "Gucci confirms that it is providing its full cooperation to the respective authorities and is confident about the correctness and transparency of its operations," according to AFP.

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(END) Dow Jones Newswires

December 04, 2017 05:33 ET (10:33 GMT)