L’Oréal is planning to appeal a €2.6 million (US$3.1 million) penalty issued by Greece’s anti-trust commission for price fixing, according to a report published by Reuters.
The French beauty giant was one of three major cosmetics firms to be issued with fines, others include LVMH-owned Christian Dior, which was slapped with a €1.8 million (US$2.1 million) levy, and Estée Lauder, which received the most punishing charge of €5.4 million (US$6.3 million).
The competition authority issued penalties totalling €18.7 million (US$22 million) to the multinationals listed above and three local companies after investigating accusations that luxury wholesalers were agreeing on discounts to be applied at retail, therefore indirectly fixing prices.
“L’Oréal Hellas denies any accusations of unlawful competition,” said the company in statement. Reuters reveals that Estée Lauder intends to appeal too, while Christian Dior could not be reached for comment.
Full Content: Reuters
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