The European Commission has dealt a major blow to the luxury sector by fining Gucci, Chloé and Loewe for price-fixing practices that continued until 2023. The penalty, amounting to 120 million euros, is particularly steep for Gucci (Kering), whose sales fell by 23% in 2024.
On October 14, the European Commission imposed a fine of more than 157 million euros on luxury retailers Gucci, Chloé and Loewe for anti-competitive behaviour. On its own, the Italian retailer Gucci must pay a fine of 119.7 million euros. By comparison, this represents 9.8% of the net margin achieved by parent company, Kering, last year. The luxury brand Chloé faces a 19.7 million euros fine, and the Spanish retailer Loewe €18 million.
An investigation launched in April 2023 by the...
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Article authors
Morgane Monteiro
Journalist
Journaliste économique pour mind Retail depuis 2024, j’analyse la transformation digitale du commerce.