The retail rights of these three Italian luxury brands are held in the country by a company called Infinite Luxury Brands
The Indian retailer of top Italian luxury fashion brands like Versace, Roberto Cavalli and Missoni is under the scanner of the Income Tax department because of unaccounted monetary transactions.
The retail rights of these three Italian luxury brands are held in the country by a company called Infinite Luxury Brands, funded by the Kanpur-based Chaurasias, who sell gutkas and pan masalas.
Last month, the I-T department carried out surveys in the showrooms of these three high-end stores located in a plush South Delhi mall, a source in know of the matter told Moneycontrol.
A survey conducted by the I-T department is a surprise on-site inspection officials to ensure correct maintenance of books of accounts.
“The I-T department conducted surveys in these showrooms in April and found an unsubstantiated entry of Rs 16 crore in their books,” the source said.
An email query sent to Infinite Luxury Brands did not elicit any response.
Six years ago, Chaurasias had partnered with Indian fashion designer Manav Gangwani to bring top global fashion and lifestyle brands into the country.
Sources said that Gangawani is currently not a part of Infinite Luxury. Currently, Rajiv Chaurasia is the Executive Director of Infinite Luxury Brands Private Ltd.
Versace and Roberto Cavalli sells its latest range of outfits and accessories such as jewellery, sunglasses, shoes, watches, perfumes for men and women in the upscale DLF Emporio mall.