D & G Fall From Grace

The pair was recently sentenced to a 20 month, fully suspended prison sentence and a heavy fine for reportedly hiding hundreds of millions of euros from Italian tax authorities. Expectedly, and with all the style and sophistication that comes with owning an international fashion label, Dolce and Gabanna denied the charges.

"We will read the reasons for the verdict, and we will appeal," said Massimo di Noia, one of the pair's defence lawyers after the hearing.

"The two designers will have to pay 500,000 euros ($713,003) as a first installment of a fine that could reach 10 million euros ($14,270,047)."

D&G is suddenly far from the grace of their iconic sexy corset dresses and sharply tailored suits or hosting Madonna's birthday party at their villa perched above the chic Mediterranean resort of Portofino again this year.

Fast Facts: From then to now

DG2

1950's: Dolce's home town island of Sicily, where he was born in 1958, inspires the label's designs.

1960's: Gabbana was born in Milan (of course!)

1970's: Dolce and Gabbana first met when they were hired by the same fashion house.

1980's: D&G's first collection showing was in Milan 1985.

1990's: The label began to make a mark internationally.

Early 2000's: The case involves an investigation that initiated in 2008.

Then: D&G's global revenues reached nearly 1.5 billion euros in 2011.

Authorities began to crack down on tax evasion as the Global Financial Crisis created an effect on economies across Europe and Italy in particular.

Now: "The judge ruled that the pair sold their brand to Luxembourg-based holding company Gado in 2004 to avoid declaring taxes on royalties of about 1 billion euros."

"Everyone knows that we haven't done anything," Gabbana tweeted in June 2012 after the trial was announced.

A #freedolceandgabbana strand has since appeared on Twitter

July 2013: It is announced D&G may have to close its doors if the guilty verdict is not overturned.

Are the champagne-cork-popping days over?