Sunday, January 11, 2015

Prada Moves HQ Back To Italy

Prada has moved its headquarters back to Italy from Luxembourg. The move sees the company - which has been the subject of tax investigations in recent years - formally implement a fully Italian business structure for Prada Holding, which controls the Prada label as well as holdings belonging to Miuccia Prada´s husband, Patrizio Bertelli,  named Pa Be 1, and Bellatrix.

Luxembourg headquarters have caused problems for several Italian labels - including Dolce & Gabbana, which  was investigated for, and  subsquently cleared of tax evasion in 2014. Prada and Bertelli settled with Italian tax authorities regarding unpaid taxes related to the location of their brands' corporate headquarters outside Italy, paying a reported €470 million to the authorities.

The move is likely to be seen as co-operation on the part of the company, and a source told WWD that Bertelli and Prada "have been very loyal to the Italian state and it must be recognised that they paid a hefty sum and brought their companies back to Italy".

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