L'Oreal, cosmetics rivals to appeal Greek anti-trust fines

GR. SARANTIS

05/10/2017 18:09

PARIS, Oct 5 (Reuters) - L'Oreal  OREP.PA  said on Thursday 
it would appeal a 2.6 million euro ($3 million) fine imposed by 
Greece's competition authority, which ruled that the French 
cosmetics company and several of its rivals were fixing prices.  
    The local beauty products business of France's Christian 
Dior - part of luxury goods group LVMH  LVMH.PA  - was also 
fined just under 1.8 million euros, while U.S.-based Estee 
Lauder  EL.N  got the biggest fine, at 5.4 million euros. 
    Greece's anti-trust commission fined six cosmetics companies 
a total of 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. Three Greek companies were 
included in the six. 
    "L'Oreal Hellas denies any accusations of unlawful 
competition," the company said. L'Oreal, which owns brands such 
as Lancome and Kiehl's, is the world's biggest cosmetics and 
beauty products company.  
    Christian Dior could not immediately be reached for comment. 
Estee Lauder said in a statement it was "reviewing the 
authority's decision with the intention to appeal." 
    Greece's Sarantis  SRSr.AT , which was slapped with a 1.9 
million-euro fine, 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. Sarantis 
also has a 49 percent stake in a joint venture with Estee Lauder 
in Greece.   
    ($1 = 0.8542 euros) 
 
 (Reporting by Pascale Denis and Sarah White. Editing by Jane 
Merriman) 
 ((sarah.white1@thomsonreuters.com; + 33)(0)(1 49 49 56 85;)) 
 
Keywords: GREECE ANTITRUST/COSMETICS