The European Commission has fined luxury fashion houses Gucci, Chloé, and Loewe a combined €157 million for engaging in illegal price fixing practices across the European Union. The brands were found to have coordinated pricing strategies with independent retailers, limiting discounts and promotional periods, which led to higher prices and reduced product availability for consumers.
According to the Commission, the companies violated EU competition laws by interfering with the autonomy of retailers. “They were not allowed to deviate from recommended prices, maximum agreed discounts, or specific promotional periods,” the Commission stated.
The price fixing covered all product categories, including clothing, footwear, and jewelry, and was implemented across all EU member states. The initial fine was higher but was reduced due to the companies’ cooperation during the investigation. Kering, the parent company of Gucci, confirmed to Reuters that it had paid the fine earlier this year and accounted for the amount in its half year financial results.