Fashion industry heavyweight Valentino and his business partner Giancarlo Giammetti have been ordered to pay $39 million for evading tax in Italy.

The 76-year-old Italian designer and Giammetti allegedly avoided declaring their income by moving Valentino's residence outside of the country. He relocated to London over 10 years ago but still maintained business in Italy.

His spokesperson told Women's Wear Daily that he is "highly surprised by the position taken by the Italian authority." He is expected to "take the appropriate action accordingly."

If left unpaid, the fine could lead to criminal investigation.

Valentino had his last haute couture show in Paris in January 2008, retiring fully from the world stage.