One of Kitmeout’s favourite brands has a touch of bother with Her Majesty’s R&C!
Fashion designer Dame Vivienne Westwood has agreed to pay almost £350,000 in tax to HM Revenue & Customs for underestimating the value of her own brand.
Vivienne Westwood Italy’s legal and corporate affairs director, Giorgio Ravasio, said the original 2002 licensing deal only allowed Vivienne Westwood Limited (VWL) to sell its trademarked wares to Japan.
He added the trademarks had been independently valued and that profits from the trademarks had subsequently “exceeded expectations”.
Mr Ravasio further confirmed that the license arrangement with Latimo had come up for renewal in 2010 and this was when the discrepancy with Westwood’s UK sales had been spotted.
“It was recognized that VWL had in fact, also been selling certain trademarked collections in the UK and elsewhere,” he said. “This was retrospectively rectified; an agreed sum of £3m to be paid to Latimo.”
Mr Ravasio added: “There was no link between the payment to HMRC and the payment to Latimo.”