The European Commission has imposed a fine of €157 million on luxury fashion brands Gucci, Chloé, and Loewe for participating in a price-fixing scheme. The investigation revealed that these companies coordinated their pricing strategies to restrict competition and maintain high prices for their products.
According to the Commission, the brands engaged in practices that limited the ability of retailers to set their own prices, which is a violation of EU antitrust rules. This conduct not only affected retailers but also consumers, who faced higher prices as a result.
The fines were calculated based on the duration and severity of the infringement. Gucci was fined €85 million, while Chloé and Loewe received fines of €40 million and €32 million, respectively.
The European Commission has emphasized its commitment to ensuring fair competition in the market and protecting consumers from anti-competitive practices. The brands have the option to appeal the decision.
For more information on the ruling, you can visit the European Commission’s official website.