The EU’s antitrust regulator reported that it has raided companies in the fashion industry in several European Union countries on concerns that they may be taking part in a cartel.
The European Commission did not name the companies or countries involved. “The companies concerned may have violated Article 101 of the Treaty on the Functioning of the European Union and Article 53 of the European Economic Area Agreement, which prohibit cartels and other restrictive business practices.” the EU competition agency said in a statement.
Surprise inspections or ‘dawn raids’ are a preliminary investigative step into suspected anticompetitive practices. The fact that the Commission would carry out such inspections and send out formal requests for information does not mean that the companies are guilty of anti-competitive behaviour, nor does it prejudge the outcome of the investigation itself.
The authority also questioned various other companies in the sector for information but did not name them. Companies found guilty of breaching EU antitrust rules risk fines as high as 10% of their global turnover.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
T-Mobile’s Acquisition of Ka’ena Corporation Receives FCC Approval
Apr 26, 2024 by
CPI
UK Regulator Announces Two New Senior Executive Appointments
Apr 26, 2024 by
CPI
Paramount Global and Skydance Media Near Merger Deal, Eyeing CEO Change
Apr 26, 2024 by
CPI
BHP Unveils £31bn Mining Megamerger Proposal with Anglo American
Apr 25, 2024 by
nhoch@pymnts.com
ByteDance Prefers Shutdown Over Sale of TikTok Amid US Ban Threats
Apr 25, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI