A spokesman for the company, owned by its eponymous founder, said the report was correct but declined to comment further.

All tax claims against Armani, which saw sales rise to more than 2 billion euros in 2012, were now closed, the paper said.

Italy has become more interventionist on taxes during its longest recession since World War Two, and companies in high-profile sectors such as luxury goods are in the crosshairs.

Sector peer Prada Holding, which controls Prada, paid a reported 420 million euros to settle taxes in Italy after completing a process of voluntary disclosure in December.

Few tax cases come to court, with the notable exception of design duo Dolce and Gabbana, who were convicted of hiding hundreds of millions of euros from tax authorities. They have appealed against the ruling and the verdict is due on April 30.

(Reporting by Isla Binnie; Editing by Louise Ireland)