The Balenciaga coat, en route from Italy, had cost $US3000. But Cettire had declared it to only be valued at $US2140.
The difference meant there was a big gap between what the luxury retailer had charged in duties – and what it had ultimately paid to customs authorities when the coat arrived in Texas.
Jonathan ShapiroSenior reporterJonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
Carrie LaFrenzSenior reporterCarrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
