Gucci, Chloé and Loewe Hit by €157 Million EU Antitrust Fine
The European Union has imposed fines totaling over €157 million ($182 million) on luxury fashion brands Gucci, Chloé, and Loewe for implementing allegedly illegal price restrictions. The European Commission, the EU's antitrust regulator, found that these brands had imposed restrictions on the ability of their authorized retailers to set their own prices, limiting consumer choice and competition. Gucci was fined €124.5 million, Chloé €26.8 million, and Loewe €5.4 million. The investigation revealed that the companies had implemented practices that prevented retailers from selling products at lower prices, thereby maintaining artificially high prices for consumers. The EU's decision aims to ensure a fair and competitive marketplace, promoting consumer choice and preventing anti-competitive practices within the luxury fashion industry.
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