European Commission Fines Top Fashion Brands
Reading
The European Commission gave fines to some fashion brands. Gucci, Chloé, and Loewe must pay over 157 million euros. The brands did not let stores set their own prices.
The Commission found out about this in 2023. They said the companies broke the rules. This hurt people who buy the clothes and goods.
Teresa Ribera spoke about the decision on Tuesday. She said everyone must have fair competition and protection. Europe will not allow these kinds of unfair actions.
Gucci's owner, Kering, knows about the decision. They said they worked to solve the problem faster. Gucci will pay almost 120 million euros, which is half the original fine.
Chloé will pay about 20 million euros, less 15%. They said they now have better rules. Loewe will pay 18 million euros since they helped the investigation.
Questions
Which fashion brands were fined?
Gucci, Chloé, and Loewe were fined.
Why did the European Commission fine the brands?
The brands did not let stores set their own prices.
How much will Gucci pay in fines?
Gucci will pay almost 120 million euros.
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