Greece’s Competition Watchdog Fines Cosmetics Firms for Collusion

The Hellenic Competition Commission said on Wednesady that it has fined six prominent cosmetics companies a total of 19 million euros for distorting competition.

According to an AFP report, Greece’s state competition watchdog found that the cosmetics firms, including Estee Lauder, L’Oreal and Christian Dior, made anti-competitive agreements between wholesalers of luxury cosmetics in order to fix retail prices.

Estee Lauder’s Greek branch was fined 5.4 million euros, while the subsidiaries of L’Oreal and Christian Dior received fines of 2.6 million euros and 1.8 million euros respectively.