The Greek Competition Commission has sentenced six cosmetics companies, including the American Estée Lauder and the French L'Oréal and Christian Dior, to some 19 million euros for price fixing. L'Oréal denies any accusation of illegal competition will appeal.
The Hellenic Competition Commission has just indicated that it has discovered"anti-competitive agreements between luxury cosmetics wholesalers" aimed at fixing retail prices.
Estée Lauder's Greek subsidiary was fined €5.4 million, while L'Oréal's and Christian Dior's subsidiaries were sentenced to €2.6 million and €1.8 million respectively.
The other three Greek groups sanctioned are Sarantis (€1.9 billion), Notos Com (€4.0 billion) and Gerolymatos Cosmetics (€3 billion).
In a statement, L'Oréal reacted Thursday to this decision to"deny any accusation of illegal competition" and announce that it will appeal.
"L'Oréal Hellas operates with the utmost respect for consumers by following competition rules", and"regrets that its arguments have not been taken into account" by the Greek authorities, stressed the statement.
