Gucci owner owes $1.6 billion in taxes to Italy, audit finds

Kering, the French owner of the Gucci luxury brand, owes about $1.6 billion to Italy in back taxes, according to a government audit. Kering's Swiss subsidiary Luxury Goods International (LGI) has been under investigation for allegedly failing to pay taxes due in Italy. Kering said it disputes the outcome of the audit report "on the grounds and the amount".