Kering confirms French preliminary inquiry
Fashion group Kering confirmed that France's National Financial Public Prosecutor's Office opened a preliminary inquiry in February 2019. Kering was unaware of the inquiry until media reports on December 15, 2020.
Luxury group Kering has confirmed that France's National Financial Public Prosecutor's Office (Parquet National Financier, PNF) opened a preliminary inquiry in February 2019. The company disclosed the information in a press release, noting it had not been informed of the investigation prior to media reports on December 15, 2020.
The inquiry appears to stem from legal proceedings initiated in November 2017 by LGI, Kering's Swiss subsidiary. These proceedings may have potential consequences for Kering's French entities. Last year, Gucci reached a settlement with Italian tax authorities regarding these matters.
Kering has strongly refuted the allegations presented in the press article and stated its intent to cooperate fully and transparently with the inquiry. The company reiterated its commitment to open communication regarding tax litigation matters.
Kering is a global luxury group managing the development of well-known houses in fashion, leather goods, jewelry, and watches. In 2019, the group reported revenues of €15.9 billion.