Photo: ft.com
EU Slaps €157M Fine on Gucci, Chloé, and Loewe for Price Fixing Practices
The European Commission has imposed a €157 million fine on luxury brands Gucci, Chloé, and Loewe (fashion brand) for illegal price-fixing practices, impacting competition in the fashion sector.
- The European Commission fined Gucci, Chloé, and Loewe (fashion brand) a total of €157 million for breaching EU competition rules on resale price fixing.
- Gucci, Chloé, and Loewe (fashion brand) were found to have restricted independent resellers from determining their own retail prices for nearly all their products.
- The ruling reinforces the EUs commitment to fair competition, aiming to prevent luxury brands from undermining market dynamics by controlling retail prices.
Why It Matters
This ruling underscores the EUs stringent approach to antitrust violations, particularly in the luxury sector, which could set a precedent for future enforcement actions against similar practices across industries.