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Greece: Competition Commission fines US & French cosmetics firms for “distorting competition”

19 million Euros in total

 

Greece’s state Competition Commission has fined six big cosmetics firms, including Christian Dior, L’Oreal and Estee Lauder a sum of 19 million Euros for “distorting competition”.

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

According to AFP, Estee Lauder’s Greek branch was fined 5,4 million Euros, while the subsidiaries of L’Oreal and Christian Dior received fines of 2,6 million Euros and 1,8 million Euros, respectively.

One of the fined companies said in a statement that it will seek the legal way.