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EU fines Gucci, Chloe and Loewe for fixing resale prices
The European Commission fined Gucci, Chloé, and Loewe for restricting retailers’ pricing freedom, leading to higher prices and less choice, with Gucci fined €119.7 million.
- The European Commission fined luxury fashion brands Gucci, Chloe and Loewe over €157 million for violating EU competition rules by restricting retailers' pricing abilities.
- The Commission stated the brands dictated minimum sales prices for products, leading to higher prices and less consumer choice.
- Kering, owner of Gucci, said the penalty was accounted for, while Richemont and LVMH, owners of Chloe and Loewe respectively, did not comment.
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Gucci, Chloé, Loewe Face Multimillion-Euro EU Fines for Pricing Practices
Leading fashion brands Gucci, Chloé, and Loewe are facing fines totaling more than 157 million euros for allegedly restricting independent third-party retailers from setting their own prices. An Oct. 14 statement from the European Commission claimed the practice by the three fashion giants exhibits anti-competitive behavior and reduces consumer choices. In all three cases, however, the fines were reduced in accordance with the firms’ cooperation…
·New York, United States
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Coverage Details
Total News Sources63
Leaning Left9Leaning Right4Center13Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 35%
C 50%
15%
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