Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Euronext Paris  >  LVMH Moët Hennessy Vuitton SE    MC   FR0000121014

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

LVMH : Italy Tax Police Seize Assets in Bulgari Tax-Evasion Probe

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/14/2013 | 05:56pm CET

By Manuela Mesco

MILAN--Italy's tax police said Thursday they seized 46 million euros ($59.6 million) worth of assets owned by Bulgari's acting chief executive and its chief operating officer, and two shareholders in the luxury jewelry brand, as part of an investigation into suspected tax evasion totaling that amount.

In a statement, the tax police said the assets are owned by acting CEO Francesco Trapani, who is also head of the watch and jewelry division of controlling company LVMH Group; Paolo and Nicola Bulgari in their capacity as shareholders, who are chairman and vice chairman of Bulgari; and COO Maurizio Valentini. The tax police suspect them of being responsible for tax avoidance in Italy on a total of EUR3 billion in revenue from 2006 to 2011.

In an emailed statement Thursday Bulgari denied the allegations and said that the company will take all necessary actions to clarify its position before the authorities. The company said the four people named by police won't be speaking to the press for now and that the company's statement is also the official position of the four. Attempts to reach the people directly weren't successful.

According to the tax police, the four allegedly used ad hoc trading companies registered in countries such as Switzerland, Ireland and the Netherlands to pay lower taxes than would be payable under Italy's tax laws. The tax police consider the procedure irregular because the revenue was allegedly generated in Italy, and thus the tax on it should have been paid in Italy, they say.

The tax police said they have a nine-page document in which they say Bulgari executives described the moves as an "escape strategy" adopted after new Italian tax rules were introduced in 2006.

Bulgari responded in its statement that "the foreign companies at issue are real and genuine companies performing an indisputable strategic role for the group."

Bulgari, an Italian jeweler founded in 1884, was sold to LVMH Group in 2011 for EUR4.3 billion.

Write to Manuela Mesco at [email protected]

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on LVMH MOËT HENNESSY VUITTON
11/22 LVMH MOËT HENNESSY VUITTON : November 22, 2017 Veuve Clicquot celebrates 45th an..
11/21 ASIARAY MEDIA : Launches Singles' Day Promotion Campaign in Hong Kong for LVMH a..
11/21DJLVMH MOËT HENNESSY VUITTON : to Buy 60% of Napa Valley Winery Colgin Cellars
11/21 LVMH MOËT HENNESSY VUITTON : Colgin Cellars, and its unique limited-production o..
11/20 LVMH MOËT HENNESSY VUITTON : November 20, 2017 Marc Newson reinterprets iconic H..
11/16 LVMH MOËT HENNESSY VUITTON : Churchill's to hold scotch tasting
11/15 LVMH MOËT HENNESSY VUITTON : Kevin Hart's wife Eniko Parrish goes into labor wit..
11/14 LVMH MOËT HENNESSY VUITTON : November 14, 2017 Ruinart unveils Petit R, an innov..
11/14 WE MEET : Bella hadid - bella roma
11/10 LVMH MOËT HENNESSY VUITTON : November 10, 2017 Zenith and Bulgari win awards at ..
More news
News from SeekingAlpha
11/06 ULTA Beauty - Looking Pretty At This Price
10/20 Tracking Ken Fisher's Fisher Asset Management Portfolio - Q3 2017 Update
10/12 Teenagers pick their favorite brands
10/11 Louis Vuitton (LVMUY) Sales Call - Slideshow
10/10 LVMH (LVMHF) Q3 2017 Results - Earnings Call Transcript
Financials (€)
Sales 2017 42 209 M
EBIT 2017 8 199 M
Net income 2017 4 922 M
Debt 2017 8 341 M
Yield 2017 1,87%
P/E ratio 2017 25,45
P/E ratio 2018 23,08
EV / Sales 2017 3,17x
EV / Sales 2018 2,92x
Capitalization 125 B
Chart LVMH MOËT HENNESSY VUITTON
Duration : Period :
LVMH Moët Hennessy Vuitton Technical Analysis Chart | MC | FR0000121014 | 4-Traders
Technical analysis trends LVMH MOËT HENNESSY VUITTON
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 32
Average target price 254 €
Spread / Average Target 3,0%
EPS Revisions
Managers
NameTitle
Bernard Arnault Chairman & Chief Executive Officer
Antonio Belloni Group Managing Director & Director
Jean-Jacques Guiony Chief Financial Officer
Delphine Arnault-Gancia Director
Albert P. Frère Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
LVMH MOËT HENNESSY VUITTON SE36.19%148 198
CHRISTIAN DIOR SE51.02%64 506
HENNES & MAURITZ-22.26%33 723
VF CORP32.73%28 684
THE SWATCH GROUP14.02%20 327
PVH CORP47.52%10 538