French, US cosmetics firms fined for collusion in Greece

Estee Lauder's Greek branch was fined 5.4 million euros, while the subsidiaries of L'Oreal and Christian Dior received fines of 2.6 and 1.8 million euros respectively.
Estee Lauder's Greek branch was fined 5.4 million euros, while the subsidiaries of L'Oreal and Christian Dior received fines of 2.6 and 1.8 million euros respectively.PHOTO: EPA-EFE

ATHENS (AFP) - Greece's state competition watchdog has fined six prominent cosmetics firms, including Estee Lauder, L'Oreal and Christian Dior, some 19 million euros (S$30.5 million) for distorting competition.

The Hellenic Competition Commission said Wednesday (Oct 4) it had found "anti-competitive agreements between wholesalers of luxury cosmetics" aimed at fixing retail prices.

Estee Lauder's Greek branch was fined 5.4 million euros, while the subsidiaries of L'Oreal and Christian Dior received fines of 2.6 and 1.8 million euros respectively.

There has been no immediate comment from the companies.