Bvlgari brand accused of tax evasion

The Italian jewellery brand Bvlgari is being investigated for tax evasion of more than £57 million, with an investigation by local law enforcement, the Guardia di Finanza.

It is alleged that the luxury jewellery company - which was bought using both cash and stock reportedly worth £3.6 billion - has rerouted revenues to Luxembourg and Ireland through holding companies, instead of declaring its profits in the company's native Italy, according to WWD.

Bvlgari have denied the charges, but an investigation is still ongoing.

LMVH watches and jewellery division president Francesco Trapani said: "We have always complied with fiscal regulations in Italy and abroad."

LMVH also owns and operates luxury brands such as fashion house Louis Vuitton, champagne producer Moet, and cognac producer Hennessy.

Dolce & Gabbana's Domenico Dolce and Stefano Gabbana were recently accused of evading taxes and are facing trial on similar charges in the Italian capital of Milan.