MILAN — Italian newspaper Milano Finanza reported Friday that Kering Eyewear chief executive officer Roberto Vedovotto is under preliminary investigation regarding alleged insider trading on confidential information about the closure of the licensing agreement between Gucci and Safilo, which was revealed in September 2014.
Vedovotto was chief executive officer of the Italian eyewear manufacturer, a post he left in June 2013. The following November, he was tapped by Kering, which created a new eyewear division manufacturing and distributing the collections of the brands, Gucci included, controlled by the French group.
The Guardia di Finanza, Italy’s tax police, sequestered 1.16 million euros, or $1.32 million at current exchange rate, from Vedovotto’s bank account, as well as his Ferrari California car valued at 174,000 euros, or $197,422.
Reached by WWD on Friday through the Kering Eyewear press office, Vedovotto declined to comment. Safilo also didn’t give any comment on the news.