Kering to Relocate Bulk of Logistics Activities to Italy From Switzerland
23 Maggio 2019 - 06:10PM
Dow Jones News
By Cristina Roca
Kering (KER.FR) said Thursday that it is grouping most of its
Swiss logistics activities into one hub and relocating them to
Italy over the next three years.
The owner of Gucci said it was making the move, which will
affect the jobs of around half of the 800 people it currently
employs in its 20 warehouses in Switzerland, in order to adapt to a
changing environment.
Earlier this month, the French luxury-goods group settled a
charge with the Italian tax authorities regarding its Swiss
logistics subsidiary, Luxury Goods International SA, for the
record-high amount of 1.25 billion euros ($1.39 billion).
In January, the Italian revenue agency said that Kering's Swiss
subsidiary was conducting business activities in Italy and paying
taxes for these profits in Switzerland, which has a singificantly
lower corporate tax rate.
The new hub, which will be based in northern Italy, close to
Novara, will increase Kering's stock-keeping capacity and improve
its logistical efficiency, the company said. It will be delivered
from 2020 to 2022, Kering said.
The company's logistics activities in Switzerland will be
substantially sized down, but will stay in use. Kering is working
closely to mitigate the impact on employment, it said.
Kering said that as part of a review of its global network, it
has also decided to move its central U.S. warehouse to a new
location in New Jersey, U.S., which is currently under
construction, and will also need to make new investments in
Asia.
Kering didn't disclose any details on the size of these
investments.
Write to Cristina Roca at cristina.roca@dowjones.com;
@_cristinaroca
(END) Dow Jones Newswires
May 23, 2019 11:55 ET (15:55 GMT)
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