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Prada CEOs under tax evasion investigation

The chief executives of luxury fashion brand Prada, Miuccia Prada and Patrizio Bertelli are under investigation by Italian tax authorities for possible tax evasion.

Prada said the news follows a previous voluntary disclosure made by the pair, who also serve as executive directors at the brand, which “completely satisfied” the claims of the Italian Tax Authority.

"Neither the company nor any of its subsidiaries was or is involved in this matter," Prada chairman Carlo Mazzi said in a statement.

The inquiry dates back to when the Prada announced that its holding company would be returning back to Italy from Luxembourg in 2013.

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