The European Commission announced on Tuesday that it fined luxury fashion brands Gucci, Chloe, and Loewe more than 157 million euros (182 million dollars) for violating competition rules by agreeing on price fixing.
The European Commission stated that its investigation revealed that the three companies “restricted the ability of independent third parties they cooperate with to set their own online and offline retail prices.”
It said that the agreed price adjustments increased prices and reduced consumer choice, and that these were anti-competitive behaviors.
Noting that the fashion companies engaged in a practice known as resale price maintenance, the Commission announced that these practices interfered with the commercial strategies of retailers by imposing various restrictions.
“Gucci, Chloe, and Loewe sought to ensure that their retailers applied the same prices and sales conditions that they applied in their own direct sales channels,” it stated.
Gucci was fined 119.67 million euros, Chloe 19.69 million euros, and Loewe 18 million euros.
