Prada’s two chief executives are under investigation by Italian authorities for possible tax evasion.
The luxury retail company said in a statement on the Hong Kong Stock Exchange, where the company is listed, that Miuccia Prada and Patrizio Bertelli are being examined over “the accuracy of certain past tax filings by them as individuals in respect of foreign-owned companies”.
“Neither the company nor any of its subsidiaries was or is involved in this matter,” Prada chairman Carlo Mazzi added in the statement.
The investigation follows Prada’s move to bring its holding company back to Italy from Luxembourg in 2013. The alleged tax evasion is said to be focused on the 10 years they were based in Luxembourg.