Fashion & Beauty News & Features

Bulgari’s turn at tax evasion

Bulgari’s turn at tax evasion

It seems like scandals are becoming commonplace in the fashion industry. This time it is Italian luxury brand Bulgari taking centre stage as it deals with an accusation of tax fraud.

Bulgari main

The focus of the case is an incident in 2011 when global luxury brand group LVMH took control of the Italian jewellery label in a cash-and-share swap valued at £3.6bn. Bulgari has been indicted for evading tax payments of more than £57m.

It has been alleged that the luxury brand redirected some of its revenues to Luxembourg and Ireland through holding companies, rather than declaring profits in Italy. The case is being investigated by the Guardia di Finanza arm of the Italian police force.

Bulgari is one of the most legendary and popular brands to be worn on the red carpet by many A-listers at events such as the Academy Awards in Los Angeles each year. Their jewellery and watches are elegant and timeless. Who wouldn’t want to own a Bulgari?

AB_ 045

The label is the latest fashion house to face tax evasion allegations, with Domenico Dolce and Stefano Gabbana of Dolce & Gabbana currently awaiting trial over similar charges.

But it does not seem to stop there, as former Daily Beast style and culture correspondent Robin Givhan reported that Valentino, Roberto Cavalli and Giorgio Armani have also faced tax troubles in the past.

Bulgari has denied any wrongdoing. “We have always complied with fiscal regulations in Italy and abroad,” claimed LVMH’s watches and jewellery division president Francesco Trapani.

It appears that the Italians are building quite the reputation for tucking their money away from the government. If you do the crime, you have to do the time and face the penalties. Fair and square!

Pooja Sahny

More in Fashion & Lifestyle

Caroline Gardner

Inject some colour into your home with Caroline Gardner’s gorgeous new spring collection

Alexandra Davis

Discovering Smart Dental & Aesthetics, Marylebone’s newest clinic for beautiful smiles

Rebekah Absalom

The top picks from Lush’s new Easter collection

Alexandra Davis
Monica Vinader

Nine timeless gifts for her from luxury jewellery brand Monica Vinader

Alexandra Davis

The top four luxury fragrances to spoil your mum with this Mother’s Day

Alexandra Davis

Everything you need to know about Korean skincare, from Then I Met You founder Charlotte Cho

Alexandra Davis

Three must-visit London restaurants to treat your mum this Mother’s Day

Alexandra Davis

The ultimate Mother’s Day gift guide

Alexandra Davis

The six hottest beauty launches you need to try this month

Alexandra Davis