Pret-a-Reporter

Valentino Garavani, Roksanda Ilincic Named In Panama Papers

Mike Marsland/WireImage
Valentino Garavani

The fashion figures are the latest names to emerge from the documents.

From powerful politicians to A-list celebrities and star athletes, no one is safe from the Panama Papers — the trove of nearly 11 million documents from the Panama law firm Mossak Fonesca which allegedly reveal offshore accounts and shell companies. That ever-growing list now includes heavy hitters in the fashion industry, too. 

Valentino Garavani, retired designer and founder of Valentino, and his partner Giancarlo Giammetti, as well as London-based designer Roksanda Ilincic — whose eponymous line has been seen on the likes of Emma Stone, Rooney Mara and Kate Middleton — reportedly have interests in companies which Mossak Fonesca represented. 

Italian newspaper L'Espresso first reported that Garavani and Giammetti's names had been unearthed in the documents. According to the weekly, the pair reportedly registered two offshore entities, Jarra Overseas SA and Paramour Finance, in 2004 in the British Virgin Islands. 

This isn't the duo's first tax-related rodeo. The partners, who moved their interests and assets to London when they took up residence there in 1998, were accused of alleged tax evasion in Italy in 2009. The pair claimed no wrongdoing and settled for an undisclosed amount. 

According to The Guardian, Ilincic and her husband, Philip Bueno de Mesquita, are shareholders in British Virgin Island company Greenland Property Limited. Representatives for the Serbian-born designer told the trade that Greenland is now a dormant company with no assets. A spokesperson for Ilincic added, "Roksanda does not avoid tax or obscure ownership of her assets. Indeed she is taxed in the U.K. on her worldwide income and gains subject to any double taxation treaties in place with the U.K. Revenue.”

Representatives for both Garavani and Ilincic did not immediately reply to Pret-a-Reporter's request for comment.

For now, investigations are still underway as to whether any activities regarding the accounts were illegal. Time will tell if any other members of the industry's upper crust will come to light.  

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