The European Commission has fined Gucci, Chloé, and Loewe over 157 million euros for anti-competitive pricing practices
The European Commission has fined luxury fashion houses Gucci, Chloé and Loewe over 157 million euros (nearly $183 million) for anti-competitive practices restricting independent retailers‘ ability to set prices for their luxury goods.
The commission said the companies‘ fixing of resale prices breached the bloc’s competition rules, and harmed consumers.
“The decision sends a strong signal to the fashion industry and beyond that we will not tolerate this kind of practice in Europe, and that fair competition and consumer protection apply to everyone, equally,’’ Commission Vice President Teresa Ribera said in a statement on Tuesday.
