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Apparently, nothing says Italian Fashion quite like tax evasion. On the heels of Dolce & Gabbana’s tax evasion convictionex-Valentino chairman Matteo Marzoto’s indictment and the tax-related probe into Bulgari, Prada is being investigated for possible tax evasion, stemming from some disclosed undeclared taxable income. The investigation was launched several days ago by  Milan prosecutors, as they were reportedly notified by the country’s tax agency about a settlement it reached with the company.

Turns out, Italian tax authority have been in involved in a probe of the company, even though lawyers for Milan-based Prada said the company wasn’t aware of a probe. According to Bloomberg, Prada has “agreed to relocate companies in the Netherlands and Luxembourg to Italy and pay backdated tax after negotiations with Italian fiscal authorities.” Prada SpA Chairman Miuccia Prada, her husband, Patrizio Bertelli, who is the company’s Chief Executive Officer and Prada’s accountant Marco Salomoni have been named in the probe, which is for possible undeclared or false tax claims, newspaper Corriere della Sera reported earlier today.

According to Stefano Simontacchi and Guido Alleva, lawyers for Prada: “As it stands we are not aware of there being an investigation. In any case, the new rules which are expected to enter into force regarding voluntary disclosure should be considered applicable to the present case, thereby leading to decriminalization.” More to come …