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Kering to shift most Swiss logistics activities to Italy

26
May '19
Kering to shift most Swiss logistics activities to Italy
French Luxury group Kering recently announced grouping most of its Swiss logistics activities into a single hub by relocating those to Italy over the next three years and affecting the jobs of half of the 800 people it employs in its 20 Swiss warehouses. The new hub near Novara will raise Kering's stock-keeping capacity and improve its logistical efficiency.

Kering owns luxury brands like Gucci, Yves Saint Laurent, Balenciaga, Alexander McQueen, Bottega Veneta, Boucheron, Brioni and Pomellato.

Earlier this month, Kering settled a charge with the Italian tax authorities regarding its Swiss logistics subsidiary, Luxury Goods International SA, for a high amount of $1.39 billion.

The Italian revenue agency said in January that Kering's Swiss subsidiary was conducting business activities in Italy and paying taxes for these profits in Switzerland, which has a significantly lower corporate tax rate.

The company's logistics activities in Switzerland will be substantially sized down, but will stay in use, according to a global newswire.

Kering has also decided to move its central US warehouse to a new location in New Jersey, which is under construction, and will also need to make new investments in Asia. (DS)

Fibre2Fashion News Desk – India


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