Prada Group Streamlined Structure Prada Holding Merged With Gipafin

To simplify the control structure, Prada luxury group Prada announced yesterday that Prada Holding BV, the group's direct holding company, is expected to merge with Gipafin S RL RL, the only shareholder of Prada Holding BV in December this year. After the completion of the merger, Prada Holding BV will no longer exist, and the new direct holding company Gipafin S RL will be renamed Prada Holding S RL RL, and together with other companies in the group control chain, the registered office will be transferred from Luxemburg to Italy.

The Prada Holding BV, wholly owned by Gipafin S r r, owns approximately 80% of the issued share capital of Prada group.

Prada SpA's handling of Prada Holding BV is also related to its tax evasion. At the end of last year, the group promised to move Prada Holding BV back to Italy and make voluntary disclosure to Italy tax authorities by Prada Holding BV and related holding companies and beneficial owners to ensure that Italy becomes the core jurisdiction of Prada control chain, that is, the tax of Prada SpA Prada and related holding companies and Affiliated Companies will be mainly handed over to Italy tax authorities.

Prada SpA Prada has also reached an agreement with Italy's tax authorities to assume that the holding company is located in the past ten financial years. Italy The amount of tax payable should be paid by Prada Holding BV. The group said, "the agreement has been fully fulfilled by the tax authorities in Italy, and the agency has also declared and confirmed it". According to "reliable" legal information, Prada SpA Prada Miuccia Prada and Patrizio Bertelli, CO founders and co chief executives, have moved to Italy last year. Taxation The agency paid the tax of 470 million euros.

In September 28th this year, Prada SpA Prada issued a statement that Miuccia Prada Bianchi and Patrizio Bertelli were being examined by the Ministry of justice of Italy on the accuracy of some past tax returns made by foreign companies in their personal names. The group also refers to the procedure being followed up voluntarily by Miuccia Prada Bianchi and Patrizio Bertelli. The Judiciary Review of Italy is expected to be completed by the end of this year.

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Italy and South Korea are stepping up ties in the fashion industry. The Italy Fashion Association signed a memorandum of understanding with the South Korean Fashion Association and the Korean trade and investment promotion community. The purpose of this agreement is to "promote cooperation between the two fashion associations and increase business links through information exchanges, thereby promoting strategic investment and business development".

In order to promote cooperation between the two sides, Italy Fashion Association has invited South Korean designers to participate in Milan fashion week in recent seasons.

The cooperation agreement was signed in October 16th on the occasion of celebrating the 130 years of diplomatic relations between the two countries. The two sides also held a grand party in Milan, representing three young designers on the stage: the designer group of Italy CO|TE brand Tommaso Anfossi and Lorenzo Ferrari, the South Korean designer Rick Lee developed in Italy, and the South Korean designer Lee Jean Youn developed in New York.

Mario Boselli, chairman of the Italy Fashion Association, said: "South Korea is an important strategic country in Italy. Our sales of shoes and leather goods increased by 16% in the first half of this year.