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Tuesday, December 5, 2023

French police working with EU on luxury antitrust probe

French police working with EU on luxury antitrust probe
© Reuters. FILE PHOTO: People walk outside a Gucci shop in Rome, April 20, 2023. REUTERS/Remo Casilli

 

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PARIS (Reuters) – French police are involved in an ongoing investigation relating to a probe by EU antitrust regulators into possible violations by European luxury companies, a police spokesperson said on Friday.

The European Commission said on Tuesday that antitrust regulators had raided companies in the fashion sector in multiple EU countries, but did not name the companies involved or specify the potential breaches it was investigating.

Reuters reported on Wednesday that the Milan headquarters of Gucci, owned by Kering (EPA:PRTP), had been inspected by Italian tax police and EU antitrust officials as part of the probe.

Kering confirmed the inspection and said it was fully cooperating with the European Commission.

Asked by Reuters if French companies had also been targeted by the EU inspections, which would be conducted in cooperation with local authorities, a police spokesperson said: “We’re in an ongoing investigation”, declining to elaborate.

The Justice Ministry declined to comment.

France is home to the world’s biggest luxury goods group, Louis Vuitton owner LVMH, and some of the best-known names in the industry, such as Kering, Hermes and Chanel.

Source: Investing.com

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