Giorgio Armani fashion house has paid 270 million euros ($374 million) to the Italian authorities to settle a tax bill.

An Armani spokesman confirmed reports that the payment concerned the group’s subsidiaries abroad but declined to comment further.

Giorgio Armani fashion house has paid 270 million euros to the Italian authorities to settle a tax bill

Last year the designers Domenico Dolce and Stefano Gabbana were convicted of concealing millions of euros in tax.

Domenico Dolce and Stefano Gabbana have appealed against a 20-month jail sentence.

All tax claims against Armani, which saw sales rise to more than 2 billion euros in 2012 according to Reuters news agency, are now closed, the Italian newspaper Il Sole 24 Ore reports.