POST Online Media Lite Edition


Cosmetics firms in Greece fined over cartel practices

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

Article continues below

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.

What to read next

Switzerland fines banks $96.3 million for rate rigging
EU fines Sony, Panasonic, Samsung and Sanyo €166m in cartel settlement
EC fines three car lighting system producers €27 million in cartel settlement