Greece’s state competition watchdog has fined six leading cosmetics firms, including Christian Dior, Estee Lauder and L’Oreal 19 million euros for distorting competition.
The Hellenic Competition Commission announced on Wednesday it had found “anti-competitive agreements between wholesalers of luxury cosmetics” aimed at fixing retail prices.
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 and 1.8 million euros respectively.
It is reported that the luxury cosmetics wholesalers were agreeing on the discounts to be applied to their products when resold in shops and indirectly fixing prices as a result. Three Greek companies were included in the six.