It happened first with Dolce and Gabbana and now the great grand son of Guccio Gucci who bears the same name as his great grand father is being charged for fraudulent tax evasion and bankruptcy.

The latest news story to break may be just cause for the founding father of the Italian house of Gucci - Guccio Gucci to roll over in his grave. Guccio Gucci was arrested for charges associated with the “Bags Queen” operation according to the Florence Guardia di Finanza, an Italian police force under the authority of the national minister of economy and finance. The controversial case surrounds the “To Be G” label which Guccio Gucci launched in 2008. The company first went bankrupt in December of 2013 and according to WWD, the police are accusing Gucci of diverting assets from the firm for a total of 800,000 euros.

grey Guccio Gucci Under House Arrest

Guccio Gucci on the left and Alessandro Gucci on the right


The italian police confiscated assets of equal value at the end of 2013 after investigation by prosecutor Christine von Borries revealed that Gucci had evaded the payment of taxes by transferring his assets to a new company based in Perugia, Italy which he continued to manage under a new figurehead. The Florentine entrepreneur is currently under house arrest while being charged with a fraudulent tax evasion of 400,000 euros ($515,828) and bankruptcy for 800,000 euros ($1 million at current exchange).

 

 

 

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A Torontonian who fell in love with the city of Montreal, Lucy is currently pursuing her studies in Fashion Design at LaSalle College while writing about her great love for all things fashion as part of the DTK team.