The Marzotto family is hit hard by the Italian tax authorities

The Italian tax authorities have recently targeted Marzottos, a high-profile fashion family business, accusing it of focusing on selling Valentino Fashion Group to Permira in 2007. The Italian tax authorities had previously targeted Giorgio Armani, Valentino Garavani, and Giancarlo Giammetti, but the allegations were withdrawn.

Guardia di Finanza, a division of the Italian Police, has seized $83.4 million worth of assets, including real estate and land, held by members of the Marzotto family. These assets include the Cortina d'Ampezzo holiday homes, the premises of Milan and Rome, and Trissino. The castle etc. Mr. Metteo Marzotto issued a statement on Monday evening acknowledging that the police did confiscated many of his assets, but stated that he was only a minority shareholder of the company and that his business was in compliance with the rules of the law and there was no violation of laws and regulations. The investigation will certainly return him to innocence.

An industry source familiar with the matter said that the police’s allegations stemmed mainly from the sale of the Valentino brand to Permira. Most of the profits from this transaction were not paid in Italy. The ICG company that ran the deal closed afterwards, leaving the Marzotto family. Received 200 million euros of assets income, and the 65 million euros tax generated by this part of the assets has not been delivered. The court stated that as long as the Marzotto family pays the tax in a timely manner, the confiscated assets will be returned immediately.