Fashion
EU ends antitrust investigation into fashion designers
European Union antitrust regulators have announced the closure of a two-year investigation into a group of fashion designers, citing “priority reasons”, the European Commission revealed on Friday.
The competition watchdog opened the investigation in May 2022, carrying out raids on several fashion companies amid fears of possible participation in a cartel aimed at manipulating prices. Although the specific companies were not disclosed, the investigation was prompted by suspicions raised in an open letter circulated in 2020 by some fashion designers advocating sweeping changes within the industry to improve environmental sustainability and social.sources with direct knowledge of the matter were disclosed to Reuters.
The letter, endorsed by many renowned entities across the world, including Dries Van Noten, Thom Browne, Proenza Schouler, Lane Crawford, Mary Katrantzou, Gabriela Hearst, Altuzarra and Missoni Group, highlighted the need for fundamental changes in periods of sales and discount practices.
“The European Commission has decided to close its preliminary investigation into this matter for priority reasons. The closure does not constitute a finding of compliance or non-compliance of the conduct in question with EU competition rules,” a Commission spokesperson said.
The Commission, however, highlighted the possibility of opening a new investigation into the same conduct if new evidence emerges justifying further investigation. Companies found guilty of antitrust violations face fines of up to 10% of their global annual revenue.
Source: Reuters
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