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Greece: French, US cosmetics firms fined for price fixing

By  |  October 5, 2017

Greece’s state competition watchdog has fined six prominent cosmetics firms, including Estee Lauder, L’Oreal and Christian Dior, some €19 million (US$22.2 million) for distorting competition.

The Hellenic Competition Commission said Wednesday, October 4, it had found “anti-competitive agreements between wholesalers of luxury cosmetics” aimed at fixing retail prices.

EEstee Lauder’s Greek branch was fined €5.4 million euros(US$6.3 million), while the subsidiaries of L’Oreal and Christian Dior received fines of €2.6 and €1.8 million respectively.

“L‘Oreal Hellas denies any accusations of unlawful competition,” the company said. L‘Oreal, which owns brands such as Lancome and Kiehl‘s, is the world’s biggest cosmetics and beauty products company.

Full Content: Reuters

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