Recently retired and legendary designer Valentino has been accused of tax evasion. According to WWD, the Lazio, Italy, regional
tax office has hit the designer and his longtime business partner,
Giancarlo Giammetti, with a $39 million fine for allegedly evading tax payments. The fine was levied
in relation to possible undeclared earnings.
fine could even lead to a criminal investigation of the two men and possibly a
prison sentence. However, since Valentino is 76 it’s unlikely he
would be sent to prison.
Whether the two men will
pay up remained unclear Wednesday. Apparently they were caught by surprise. Yet, according to
the tax office, Valentino and Giammetti avoided declaring their
incomes in Italy by moving their residence outside the country, while keeping their business operations there.
Read "Valentino, Giammetti Cited in Tax Probe" here
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