The Italian family that sold the Valentino fashion brand to buyout house Permira has had €65m of assets seized, including a fifteenth-century castle, after being accused of tax evasion related to the sale.
Police have confiscated assets belonging to 13 people in the Marzotto family, who sold Valentino and its Hugo Boss subsidiary to Permira for €2.6bn in 2007, the Financial Times reported.
Items taken included apartments in Milan and Rome, a 25-room Alpine villa and land were taken preventatively to cover €65m in taxes the people are suspected of dodging through the sale, the report said.
Lawyers representing the Marzotto family said the allegations were “completely unfounded”.
The London-based firm was forced to break off menswear brand Hugo Boss into a separate entity following the global financial crisis, leaving it with a majority stake in the subsidiary and full ownership of Valentino.
Permira is currently in the process of raising its fifth buyout fund, which is targeting €6.5bn.
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