EU fines Gucci, Chloe and Loewe over $182 mln for anticompetitive pricing practices

The EU Commission said on Tuesday it has fined fashion brands Gucci, Chloe and Loewe a combined 157 million euros ($181.52 million) for fixing resale prices, in breach of EU competition rules, adding that this kind of anticompetitive behaviour increases prices and reduces choice for consumers.

"In particular, the three fashion companies interfered with their retailers' commercial strategies by imposing restrictions on them, such as requiring them to not deviate from recommended retail prices; maximum discounts rates; and specific periods for sales," the Commission said in a statement.

Gucci is owned by French luxury group Kering KER, Chloe by Swiss group Richemont CFR and Loewe by LVMH MC.

($1 = 0.8649 euros)