L’Oreal to Appeal a €2.6 Mln Fine by Greece’s Competition Authority

L‘Oreal said on Thursday it would appeal a 2.6 million euro fine imposed by the Hellenic Competition Authority, which ruled that the French cosmetics company along with others were fixing prices.

According to Reuters, Christian Dior was also fined about 1.8 million euros, while Estee Lauder received the biggest fine, at 5.4 million euros.

In all, Greece’s anti-trust commission fined six cosmetics companies 18.7 million euros after investigating allegations that luxury cosmetics wholesalers were agreeing on the discounts to be applied to their products when resold in shops and indirectly fixing prices as a result, Reuters said. Three Greek companies were among the six fined.

“L‘Oreal Hellas denies any accusations of unlawful competition,” the company told Reuters.

Christian Dior could not be reached for comment, while Estee Lauder said in a statement it was “reviewing the authority’s decision with the intention to appeal.”

Greek cosmetics firm Sarantis, which was fined 1.9 million euros, had also said on Wednesday that it would appeal the ruling and disputed the size of the fine.

“There had never been any kind of agreement between the distributors of luxury cosmetics in Greece with the aim to set cosmetics sale prices,” Sarantis said in a statement.