GO
Loading...

Dolce and Gabbana sentenced to 18 months in jail

Fashion designers Domenico Dolce and Stefano Gabbana were sentenced to one year and six months each in jail on Wednesday, over charges of hiding hundreds of millions of euros from Italian tax authorities.

482373053BS082_The_Glamour_
David M. Benett | Getty Images

Italy's appeals court upheld a conviction given last June to the pair, who are as famous as the stars they dress, for allegedly using Luxembourg holding company Gado to avoid paying taxes on royalties of about 1 billion euros ($1.38 billion).

Read MoreDolce and Gabbana Sentenced to Jail for Tax Evasion

The previous decision, by a lower court, handed the duo suspended jail sentences of 20 months each and imposed a fine of up to 10 million euros.

Dolce and Gabbana have always denied any wrongdoing.

Contact Europe News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Europe Video

  • Fed hike? Expect volatility in bonds

    How are the bond markets impacted by a possible rate hike from the U.S. Federal Reserve. Darren Ruane, head of fixed interest at Investec Wealth & Investment Limited, believes that future volatility is likely.

  • Hedge funds eye biggest risks

    What are the biggest risks to hedge funds at the moment? CNBC's Karen Tso talks to some corporate hedge fund leaders about what they think are the current risks.

  • iMatchative: The hedge fund disruptor?

    iMatchative is changing the way institutional investors pair with hedge funds. Sam Hocking, CEO of iMatchative, talks about who the company is appealing to.