While the decision means Marzotto does not carry a criminal record on this matter, the entrepreneur expressed disappointment with the outcome. In a statement, Marzotto described the conclusion as leaving a “sour taste,” noting that the years spent on his defense distracted him from other professional activities without yielding a judicial confirmation of his innocence. “The trial did not reach the conclusion that was, after all, apparent to anyone — that tax evasion does not belong to my way of life,” Marzotto said, emphasizing that no document or witness during the proceedings contradicted his claim of uninvolvedness in the alleged evasion.
The case originated from the sale of Valentino Fashion Group (VFG) to private equity fund Permira in May 2007 for more than 782 million euros. The indictment alleged that taxes on the profits derived from the transaction were never paid in Italy. Central to the prosecution’s theory was International Capital Growth (ICG), a firm the tax police characterized as a fictitious entity based in Luxembourg but managed in Milan. ICG was allegedly created specifically to sell 29.9 percent of VFG, with Caputi acting as the broker for the entity.
In February 2016, a Milan courthouse under Judge Orsola de Cristofaro had initially found Marzotto, his sister, and Caputi guilty of omission of earnings declaration and tax evasion. They were each sentenced to 10 months in prison and ordered to pay trial expenses. However, the judge suspended the punishment due to extenuating circumstances, specifically citing the defendants’ lack of prior criminal records and their payment of the fiscal debt. The judge also ordered the return of Marzotto properties that had been sequestered during the investigation.
Defending their clients, lawyers Alessandra Mereu and Paolo De Capitani maintained that there was never a case to answer. “We asked for an acquittal because there was no case to answer,” Mereu stated. De Capitani highlighted that Marzotto viewed himself as an investor rather than a manager, noting that there was “not one signature on the papers” related to the alleged evasion that bore his name. They argued that the trial failed to adequately distinguish the individual positions of the investors, many of whom had vastly different levels of involvement.
The defense has now turned to the European Court of Human Rights (ECHR), having filed papers in 2013. De Capitani indicated that a verdict from the ECHR is expected in either 2018 or 2019, as such cases typically take around five years to resolve. The lawyers point to previous instances where Italy was condemned at the European level for initiating penal trials after financial issues had already been settled, a practice that has prompted discussions about legislative changes in Italy. In Italy, fiscal and penal trials are independent; thus, the payment of a fine exceeding one million euros by Marzotto and Diamante did not preclude the criminal proceedings.
During the original trial, which lasted just over a year, the defense presented evidence contradicting the prosecution’s narrative. Consultant Livia Salvini, called by the defense, testified that ICG was “not simulated” but was created to manage shares for various shareholders. She provided fiscal calculations showing that the total tax rate on capital gain and profit in Luxembourg was 25.64 percent, compared to 21.57 percent if the company had been based in Italy, suggesting no tax advantage was gained through the structure.
Throughout the proceedings, Marzotto and Diamante maintained a low profile, occasionally skipping hearings to avoid public attention. Marzotto, who has since moved on to other roles including his presidency at Fiera di Vicenza, continues to fight for a full exoneration. The dismissal on technical grounds leaves the central legal question—whether tax evasion actually occurred—unresolved in the Italian domestic courts, shifting the final arbiter role to the European level. For now, the Marzotto siblings await the ECHR’s decision, which could set a precedent regarding the intersection of fiscal obligations and penal liability in Italy.
