Bulgari accused of £57m tax avoidance

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But LVMH watch and jewellery boss Francesco Trapani denies wrongdoing.

Bulgari has been accused of avoiding making tax payments in Italy of more than €70 million (£56.7m), but LMVH watches and jewellery division president Francesco Trapani has denied any wrongdoing.

Italian newspaper Corriere della Sera has reported that police have carried out an inspection to assess whether the LVMH-owned brand has been regularly declaring income in Italy.

Corriere della Sera claims to have been given a police report that states that the investigation has focused on the past five years of Bulgari’s financial dealings. LVMH bought the brand in 2011.

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Trapiani told Corriere della Sera: “We have always complied with fiscal regulations in Italy and abroad.”

LVMH has yet to release an official statement about the allegations.

 

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