L’Oréal is to appeal a €2.6 million penalty issued by Greece’s anti-trust commission for price fixing, according to a report published by Reuters.
The French beauty giant was one of three major cosmetics firms to be issued with fines, others include LVMH-owned Christian Dior, who was slapped with a €1.8 million levy, and Estée Lauder, who received the most punishing charge of €5.4 million.
The competition authority issued penalties totalling €18.7 million to the multinationals listed above and three local companies after investigating accusations that luxury wholesalers were agreeing on discounts to be applied at retail, therefore indirectly fixing prices.
“L’Oréal Hellas denies any accusations of unlawful competition,” said the company in statement. Reuters reveals that Estée Lauder intends to appeal too, while Christian Dior could not be reached for comment.