Dear Sirs, I refer to the article, which appeared in your publication today concerning Messrs. Valentino Garavani and Giancarlo Giammetti.

As far as the substance of the article is concerned, I have to stress that Mr. Valentino Garavani and Mr. Giancarlo Giammetti are U.K. residents since almost 10 years and have in that period always declared and been subject to tax in the United Kingdom, which included taxation of the consultancy income received from the Valentino company.

The dispute with the Italian authorities is in essence not about tax evasion but related to the interpretation of facts and circumstances concerning tax residency.

The issue has been [the] subject of a previous investigation in Italy and the U.K. and on both occasions the U.K. residency has been considered in full compliance with the Italian and U.K. tax regime, thus acknowledging the legitimacy of their U.K. residency.

It now seems this issue has been in some facets reopened, which came as a total surprise and appears to be the result of having on this occasion disregarded some elements which were previously taken into consideration.

Messrs. Valentino Garavani and Giancarlo Giammetti are as usual at [the] disposal of the Italian authorities to supply any information, which may be requested by them and they are confident that the entire matter will be rapidly and satisfactorily cleared.”

Regards,

Marino Bastianini
Counsel at the firm Carnelutti, which represents Valentino and Giancarlo Giammetti

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