Giorgio Armani settles 270m euro tax dispute with Italy

The fashion house Giorgio Armani has paid 270m euros (£222m; $374m) to the Italian authorities to settle a tax bill. A company spokesman confirmed reports that the payment concerned the group's subsidiaries abroad but declined to comment further. Last year the designers Domenico Dolce and Stefano Gabbana were convicted of concealing millions of euros in tax. They have appealed against a 20-month jail sentence. All tax claims against Armani, which saw sales rise to more than 2bn euros in 2012 according to Reuters news agency, are now closed, the Italian newspaper Il Sole 24 Ore reports.