(qlmbusinessnews.com . Sun 2nd Nov, 2025) London, UK —
Tax Evasion Scandal Rocks Campari: Shares Worth Billions Confiscated Amid Investigation
Italian authorities have confiscated shares worth €1.3 billion from the entity overseeing the operations of the esteemed Campari brand, as part of accusations surrounding tax evasion, it has been reported. The dramatic development is the consequence of a meticulous investigation spanning over a year, targeting the incorporation processes of Campari's Italian operations into its Luxembourg-based holding company, Lagfin.
The battle with authorities stems from allegations against Lagfin for an apparent failure to fulfill tax obligations amounting to a value akin to the shares now seized, during its merger activities. Despite the allegations, the company maintains its adherence to tax regulations, declaring its compliance with all relevant legal and regulatory standards.
Campari, known for its diverse portfolio of alcoholic beverages including Aperol, Grand Marnier, and Courvoisier, has distanced itself from the controversy. The company asserts that neither it nor any of its subsidiaries are implicated in the ongoing investigation.
Nevertheless, local media have spotlighted Campari's Chairman, Luca Garavoglia, placing him under the scrutiny of investigators. The inquiry into alleged financial discrepancies was initiated by Milan prosecutors, following suspicions of undeclared capital gains totaling €5.3 billion from 2018 to 2020. This involves accusations of evading an “exit tax”, a levy imposed on companies relocating headquarters abroad, and the strategic transfer of Italian assets to foreign control for purported tax advantages.
Garavoglia, who inherited the Campari legacy from his mother, along with Giovanni Berto, the head of Campari's Italian division, are now figures of interest in this high-profile case, as reported by local media outlets.
In defense, Lagfin, which holds just over half of Campari's shares and commands 80% of its voting rights, has vowed to tenaciously contest the charges. The company succinctly characterized the situation as a “tax dispute”, emphasizing that its dominant stake in Campari remains unaffected by the seizure of shares, underlining its unaltered position as the controlling shareholder.
Campari's journey began in 1860 in Milan, where Gaspare Campari's homemade concoctions garnered popularity, paving the way for the brand's commercial success in the early 20th century. Since the 1990s, the company has expanded its portfolio through acquisitions, emerging as a global powerhouse in the spirits industry with a market valuation of about €7 billion.
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