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Four of the world’s largest fragrance companies are under investigation by the Swiss competition authorities (COMCO). They are suspected of illegal price-fixing and stifling their competitors.
In a press release, the Swiss competition authorities (Comco) state that they have certain indications that several companies in the fragrance sector have violated antitrust laws. The four companies involved in the investigation are Firmenich, Givaudan, International Flavors & Fragrances and Symrise.
“There are suspicions that these companies have coordinated their pricing policies, prevented their competitors from supplying specific customers and restricted the production of certain perfumes,” explains the Comco in a statement.
According to this information, searches have been conducted at various sites. The searches were carried out after consultation with other competition authorities, namely the European Commission, the US Department of Justice Antitrust Division and the UK Competition and Markets Authority. In total, four competition authorities are involved in the investigation and are conducting extensive research.
“In the course of the investigation, it will be examined whether there are indeed restrictions of competition prohibited by antitrust law,” adds the Comco, while recalling that the presumption of innocence applies to companies.
Among the giants targeted by the investigation, the Swiss company Firmenich is the largest private fragrance and flavor company in the world. Its master perfumers are behind such famous fragrances as Angel by Thierry Mugler, Acqua di Gio by Armani and Flower by Kenzo.
It confirmed yesterday that searches were underway in its offices based in Switzerland, France and the UK. In a statement, the Swiss company explained that it was cooperating with investigators and stressed that the inspections at its premises did not mean “that the company had engaged in anti-competitive behavior or prejudge the outcome of the investigation itself.”
The other three companies in the investigation are also cooperating with the authorities.
Reduced sentence in case of cooperation?
The European executive says it is concerned that the companies, as well as an association of the perfume industry worldwide “may have violated EU antitrust rules“.
The European Commission recalls that companies that participated in a cartel can benefit from immunity or a significant reduction in the fine if they confirm these practices and cooperate with investigators.
Read also >Firmenich CEO Joins Four Seasons Board of Directors
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Four of the world’s largest fragrance companies are under investigation by the Swiss competition authorities (COMCO). They are suspected of illegal price-fixing and stifling their competitors.
In a press release, the Swiss competition authorities (Comco) state that they have certain indications that several companies in the fragrance sector have violated antitrust laws. The four companies involved in the investigation are Firmenich, Givaudan, International Flavors & Fragrances and Symrise.
“There are suspicions that these companies have coordinated their pricing policies, prevented their competitors from supplying specific customers and restricted the production of certain perfumes,” explains the Comco in a statement.
According to this information, searches have been conducted at various sites. The searches were carried out after consultation with other competition authorities, namely the European Commission, the US Department of Justice Antitrust Division and the UK Competition and Markets Authority. In total, four competition authorities are involved in the investigation and are conducting extensive research.
“In the course of the investigation, it will be examined whether there are indeed restrictions of competition prohibited by antitrust law,” adds the Comco, while recalling that the presumption of innocence applies to companies.
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Four of the world’s largest fragrance companies are under investigation by the Swiss competition authorities (COMCO). They are suspected of illegal price-fixing and stifling their competitors.
In a press release, the Swiss competition authorities (Comco) state that they have certain indications that several companies in the fragrance sector have violated antitrust laws. The four companies involved in the investigation are Firmenich, Givaudan, International Flavors & Fragrances and Symrise.
“There are suspicions that these companies have coordinated their pricing policies, prevented their competitors from supplying specific customers and restricted the production of certain perfumes,” explains the Comco in a statement.
According to this information, searches have been conducted at various sites. The searches were carried out after consultation with other competition authorities, namely the European Commission, the US Department of Justice Antitrust Division and the UK Competition and Markets Authority. In total, four competition authorities are involved in the investigation and are conducting extensive research.
“In the course of the investigation, it will be examined whether there are indeed restrictions of competition prohibited by antitrust law,” adds the Comco, while recalling that the presumption of innocence applies to companies.
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