Cosmetics firms fined over cartel practices

The Competition Commission has imposed fines totaling 18.83 million euros on five well-known cosmetics companies and Notos Com Holdings for cartel practices.

It was Notos Com that alerted the Greek regulator to the illegalities after complaining to the watchdog about cartel practices. However, evidence that the struggling company produced contained incriminating information regarding its own practices, which resulted in it receiving the second biggest fine.

The firms involved had, according to the verdict, engaged in horizontal price-fixing by determining the retail prices of their products.

The regulator imposed the following fines: 5.39 million euros for Estee Lauder Hellas, 4.09 million for Notos Com Holdings, 3 million for Gerolymatos Cosmetics, 2.62 million for L'Oreal Produits De Luxe Hellas, 1.94 million for Sarantis and 1.79 million euros for Parfums...