Last week, Guess reported that they been cooperating with the European Commission in its investigation into whether certain of the company’s business practices and agreements may have violated European competition rules. In June of 2017, Guess faced a formal European Union antitrust investigation over suspicions the clothing manufacturer and retailer may be thwarting cross-border sales to potential consumers.
As part of its cooperation with a European Commission antitrust investigation, the company announced that it is likely to reach an agreement to pay a fine ranging from €37 million to €40.6 million (US$42.4 million to US$46.6 million), so it’s recording an estimated charge of €37 million (US$42.4 million), according to the release.
“The Company has already made certain changes to its business practices and agreements in response to these proceedings, and the Company believes that such changes have not had, and will not have, a material impact on its ongoing business operations within the European Union,” the press release stated.
