L'Oreal, cosmetics rivals to appeal Greek anti-trust fines

L'Oreal said on Thursday it would appeal a 2.6 million euro ($3 million) fine imposed by Greece's competition authority, which ruled that the French cosmetics company and several of its rivals were fixing prices.

The local beauty products business of France's Christian Dior - part of luxury goods group LVMH - was also fined just under 1.8 million euros, while US-based Estee Lauder got the biggest fine, at 5.4 million euros.

Greece's anti-trust commission fined six cosmetics companies a total of 18.7 million euros after investigating allegations that luxury cosmetics wholesalers were agreeing on the discounts to be applied to their products when resold in shops and indirectly fixing prices as a result. Three Greek companies were included in the six.

"L'Oreal Hellas denies any accusations of unlawful competition," the company said. L'Oreal, which owns...