François-Henri Pinault

After moving to London while remaining a French tax resident, François-Henri Pinault paid UK tax on part of his remuneration and subsequently sought a French tax credit of approximately €11.5 million for 2017 and 2018. French administrative courts dismissed his claim.

State of the evidence

Documented

Attribution

Personally implicated

Gucci, Kering's principal source of profits, suffered a sharp sales decline from 2023–2024. Changes in management and creative direction did not immediately revive the brand; Kering's earnings and share price fell significantly, prompting François-Henri Pinault to make repeated management changes.

State of the evidence

Documented

Attribution

Direct responsibility

The European Commission concluded that Gucci had applied a resale price maintenance strategy to its independent distributors in the European Economic Area for several years, with occasional restrictions on online sales. The decision was addressed to Gucci and its parent company Kering.

State of the evidence

Documented

Following revelations about Swiss tax arrangements, the National Financial Prosecutor's Office opened an investigation in France into possible laundering of the proceeds of aggravated tax fraud involving Kering and certain subsidiaries.

State of the evidence

Documented

Balenciaga, a fashion house controlled by Kering, faced a global crisis following two controversial campaigns: one depicted children holding teddy-bear bags fitted with bondage-style accessories, while another included, as a prop, a document from a US court decision relating to child sexual abuse material. The brand withdrew the campaigns and apologised.

State of the evidence

Documented

Tax investigations in Italy and France examined the use of Swiss structures by Kering brands to invoice activities and allocate profits. The authorities considered that a significant share of certain profits should have been taxed in the countries where the activities actually took place.

State of the evidence

Documented

In May 2019, Kering agreed to pay €1.25 billion to the Italian tax authorities to settle the dispute over taxation of Gucci's profits. It was an exceptionally large tax settlement at the time.

State of the evidence

Settlement

Internal documents showed that in 2012 François-Henri Pinault's advisers considered transferring his residence and wealth-holding structures to the United Kingdom or the Netherlands to reduce the impact of French taxation on high incomes and wealth tax (ISF).

Attribution

Personally implicated

In 2007, PPR acquired a majority stake in Puma in a transaction valuing the German group at several billion euros. By the end of the financial year, PPR's net financial debt had increased substantially, mainly as a result of this acquisition.

State of the evidence

Documented

Attribution

Direct responsibility