Bulgari suspected of tax evasion

Bulgari, the Italian jewellery brand controlled by luxury goods conglomerate LVMH,

is being accused of tax evasion by the Italian authorities.

The charges relate to when LVMH took control of the Italian jewellery label in a 3.7 billion Pound cash-and-share swap deal in 2011, and according to reports in WWD the brand is being accused of evading tax payments in excess of 70 million Euros.

The Italian police allege that the luxury jeweller redirected some of its revenues to Luxembourg and Ireland through holding companies, rather than declaring profits in Italy, however, Bulgari has denied any wrong-doing.