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Gucci has announced that it is fully cooperating with the European Commission’s antitrust authorities. The authorities are inspecting Gucci’s Italian premises as part of a sector-wide investigation into possible anti-competitive cartels and trade practices in several fashion companies and countries.
The good news is definitely not flowing at Gucci, Kering’s flagship company.
The luxury group revealed, via a press release dated 19 April, that Gucci’s Italian premises were being inspected by the European Commission’s antitrust authority, “as part of a preliminary investigation in the fashion sector in several countries and under the European Union’s competition rules”.
The European Commission itself had declared the day before, on 18 April, in a press release, that its teams, supported by the competition authorities concerned in each country, were carrying out “surprise inspections in several Member States”, “on the premises of companies active in the fashion sector”. But it did not specify which companies or countries the investigators had searched…
It expressed concern that “the companies concerned may have breached EU rules prohibiting cartels and restrictive business practices”.
A precedent in perfumes
In March, the European Commission had already announced that it was inspecting the premises of large perfume and flavour companies suspected of anti-competitive practices. It had thus invited itself to the Swiss companies Firmenich and Givaudan SA (Geneva), the American IFF (International Flavors & Fragrances) and the German Symrise. While the shares of these big players had fallen on the stock exchange, Givaudan had, for example, quickly indicated that it was collaborating with the authorities.
For its part, Kering said it was “cooperating fully with the Commission in this investigation”.
A good attitude. Firstly in terms of image: transparency in this type of business is essential in the world of luxury goods, which is scrutinised by social networks. But also because a company found guilty of antitrust violations is likely to benefit from immunity if it cooperates with the Commission and rectifies its behaviour. It may, in fact, face heavy fines…
The group’s flagship company has been struggling to create a good buzz lately. The announcement of Kering’s 2022 results last February highlighted the sharp decline (-14%) in Gucci’s sales in the fourth quarter, and by 1% over the whole year. The group itself had fallen by 7% in the last quarter, and grown by 9% in 2022.
Mega-locomotive
Gucci is Kering’s mega-locomotive, with sales of €10.5 billion in 2022, half of that achieved by the group (€20.3 billion).
Appointed at the beginning of 2023, Sabato de Sarno, the new artistic director of the Florentine House, has a heavy responsibility to recreate a positive halo. Will he be able to reproduce the miracle of Alessandro Michele, the providential creator for seven years of the transalpine brand, to which he gave spectacular growth several years in a row? To have the beginning of an answer to this crucial question, we will have to wait for his first show, announced for September 2023 at the Milan Fashion Week.
Read also > Gucci Salon: first ultra-luxury boutique opens in Los Angeles
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Gucci has announced that it is fully cooperating with the European Commission’s antitrust authorities. The authorities are inspecting Gucci’s Italian premises as part of a sector-wide investigation into possible anti-competitive cartels and trade practices in several fashion companies and countries.
The good news is definitely not flowing at Gucci, Kering’s flagship company.
The luxury group revealed, via a press release dated 19 April, that Gucci’s Italian premises were being inspected by the European Commission’s antitrust authority, “as part of a preliminary investigation in the fashion sector in several countries and under the European Union’s competition rules”.
The European Commission itself had declared the day before, on 18 April, in a press release, that its teams, supported by the competition authorities concerned in each country, were carrying out “surprise inspections in several Member States”, “on the premises of companies active in the fashion sector”. But it did not specify which companies or countries the investigators had searched…
It expressed concern that “the companies concerned may have breached EU rules prohibiting cartels and restrictive business practices”.
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Gucci has announced that it is fully cooperating with the European Commission’s antitrust authorities. The authorities are inspecting Gucci’s Italian premises as part of a sector-wide investigation into possible anti-competitive cartels and trade practices in several fashion companies and countries.
The good news is definitely not flowing at Gucci, Kering’s flagship company.
The luxury group revealed, via a press release dated 19 April, that Gucci’s Italian premises were being inspected by the European Commission’s antitrust authority, “as part of a preliminary investigation in the fashion sector in several countries and under the European Union’s competition rules”.
The European Commission itself had declared the day before, on 18 April, in a press release, that its teams, supported by the competition authorities concerned in each country, were carrying out “surprise inspections in several Member States”, “on the premises of companies active in the fashion sector”. But it did not specify which companies or countries the investigators had searched…
It expressed concern that “the companies concerned may have breached EU rules prohibiting cartels and restrictive business practices”.
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