Fashion designers Domenico Dolce and Stefano Gabbana were handed a 20-month suspended prison sentence and a heavy fine on Wednesday for hiding hundreds of millions of euros from the Italian tax authorities.

The design duo, who are nearly as famous as the stars they dress, were not present in court in Milan and will lodge an appeal against their conviction on charges that they have always denied.

"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.

Public prosecutor Gaetano Ruta had asked for a two and a half year jail term. However, the two designers will have to pay 500,000 euros ($713,003) as a first instalment of a fine that could reach 10 million euros ($14,270,047).