“An inspection in the Italian Gucci stores“began on Tuesday as part of a preliminary investigation launched in several countries by the European Commission into suspicions of anti-competitive practices, Kering, Gucci’s parent company, announced in a press release.
“The group is cooperating fully with the Commission in the context of this investigation,” Kering said in this brief statement. The European Commission announced on Tuesday that it had carried out unannounced inspections at the premises of several companies in the fashion sector suspected of cartels, “in several EU member states.”
unannounced inspections
“The Commission is concerned that the companies involved have infringed EU rules prohibiting cartels and restrictive business practices,” it said in a statement.
Anti-competitive practices are subject to significant fines. But companies that have participated in a cartel can benefit from immunity or a significant reduction in the fine incurred if they report these practices and cooperate with investigators.
Kering, which will publish its first-quarter sales next Tuesday, surpassed 20 billion in sales in 2022. Its flagship brand, Gucci, with a turnover of 10.48 billion euros, “had not achieved the best performance,” it said at the time. Kering CEO François-Henri Pinault. The brand also had to replace its stylist Alessandro Michele, who left in November.
In early March, the European Commission announced that it was conducting inspections at the premises of perfume and flavoring companies also suspected of anti-competitive practices. This investigation affected four big names in the industry: Firmenich International SA (Geneva), Givaudan SA (Geneva), International Flavors & Fragrances Inc. (USA) and Symrise AG (Germany).
Source: BFM TV
