Valentino a tax fraud?

Legendary designer in trouble with the tax man. By Fiona Raisbeck

News reaches us that the Italian authorities have fined legendary fashion designer Valentino Garavani and his business partner Giancarlo Giammetti a whopping 33 million euros (approximately £30 million) for alleged tax evasion. Reports state that the retired couturier and Giammetti were slapped with the hefty fine for apparent undeclared earnings. According to a source at the Lazio tax office, the two business partners moved their residence to London, but continued to base their business in Italy to allegedly dodge declaring their profits in their home country. Ronald Feijen, managing director of the couple's London office, said: "They [Valentino and Giammetti] are highly surprised by the position taken by the Italian authority and they will take the appropriate action accordingly. They moved their residence and all their interests to London more than 10 years ago, since the sale of their Maison." He did not reveal how much the duo apparently owe in taxes.

This news comes after a troublesome few months for Valentino and his name-sake brand.  Following his retirement from the label in 2007, Alessandra Facchinetti was appointed as head designer, but was spectacularly fired last October after showing her spring/summer 2009 collection during Paris Fashion Week following a "misaligned vision with the company". Maria Grazia Chiuri and Pier Paolo Piccioli took over as creative directors of the brand.

Picture: Model Natalia Vodianova with Valentino at the Love Ball Gala Dinner in Moscow