Kering reportedly close to settling tax evasion case in Italy

It looks like Kering is about to settle its tax dispute in Italy. The luxury conglomerate is close to signing a deal with the Italian tax authorities, agreeing to pay between 1.3 billion and 1.4 billion euros (approximately 1.5-1.6 billion US dollars), according to Italian newspaper Il Sole 24 Ore and international news agency Reuters, both citing unnamed sources familiar with the matter. The agreement is expected to be signed in the first weeks of May. If confirmed, Kering’s would be the biggest tax settlement ever made between a company and the Italian Revenue Agency.