BUSINESS

Cosmetics firms fined over cartel practices

DIMITRA MANIFAVA

TAGS: Business

The Competition Commission has imposed fines totaling 18.83 million euros on five well-known cosmetics companies and Notos Com Holdings for cartel practices.

It was Notos Com that alerted the Greek regulator to the illegalities after complaining to the watchdog about cartel practices. However, evidence that the struggling company produced contained incriminating information regarding its own practices, which resulted in it receiving the second biggest fine.

The firms involved had, according to the verdict, engaged in horizontal price-fixing by determining the retail prices of their products.

The regulator imposed the following fines: 5.39 million euros for Estee Lauder Hellas, 4.09 million for Notos Com Holdings, 3 million for Gerolymatos Cosmetics, 2.62 million for L’Oreal Produits De Luxe Hellas, 1.94 million for Sarantis and 1.79 million euros for Parfums Christian Dior Hellas.

The commission also forces the six companies to terminate this banned activity and threatens them with additional fines of 10,000 euros for each day of delaying their compliance with the decision.

Sarantis announced it will appeal the decision, saying there was never any communication between the companies and that the fine is illegal due to the statute of limitations.
 

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