International
Gucci, Chloé and Loewe Fined $183 Million for Price Interference
EUROPE – The European Commission has fined luxury brands Gucci, Chloé and Loewe a combined 157 million euros — nearly 183 million dollars — for price-fixing.
EUROPE – The European Commission has fined luxury brands Gucci, Chloé and Loewe a combined 157 million euros — nearly 183 million dollars — for price-fixing.
Officials say the companies restricted independent retailers from setting their own prices, even limiting discounts and sale periods.
The commission called it a clear violation of European competition rules, saying it hurt consumers and fair trade.
Gucci and Loewe had their fines cut in half for cooperating, while Chloé’s fine was reduced by 15 percent.
The message from Brussels: no brand is above fair competition.
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