Fashion house Gucci has confirmed its offices in Milan and Florence were raided last week, over tax evasion claims.
The company, owned by French luxury group Kering, issued a statement after Italian paper La Stampa reported that police checks across the offices sought evidence regarding allegations Gucci paid taxes on profits generated by Italian sales in Switzerland, which has a more favourable tax regime.
Prosecutors suspect this has enabled Gucci to save around €1.3bn (£1.1bn) in domestic tax.
The company said it was “providing its full cooperation to the respective authorities and is confident about the correctness and transparency of its operations.”
Gucci recently posted a strong set of financials, after sales surged 49.4% on a comparable basis to €1.55bn (£1.36bn) in the third quarter of this year.