Last week, Guess reported that they been cooperating with the European Commission in its investigation into whether certain of the company’s business practices and agreements may have violated European competition rules. In June of 2017, Guess faced a formal European Union antitrust investigation over suspicions the clothing manufacturer and retailer may be thwarting cross-border sales to potential consumers.
As part of its cooperation with a European Commission antitrust investigation, the company announced that it is likely to reach an agreement to pay a fine ranging from €37 million to €40.6 million (US$42.4 million to US$46.6 million), so it’s recording an estimated charge of €37 million (US$42.4 million), according to the release.
“The Company has already made certain changes to its business practices and agreements in response to these proceedings, and the Company believes that such changes have not had, and will not have, a material impact on its ongoing business operations within the European Union,” the press release stated.
Featured News
FTC Urged to Enforce Rarely Used Antitrust Law Against Retail Giants
Mar 28, 2024 by
CPI
UK’s Fingleton Bolsters Team with New Additions
Mar 28, 2024 by
CPI
Britain’s Competition Regulator Clears Aviva’s Acquisition of AIG Life UK
Mar 28, 2024 by
CPI
White House Implements New AI Safeguards to Protect Rights and Safety
Mar 28, 2024 by
CPI
Denver Court Sets August Date for Kroger-Albertsons Merger Showdown
Mar 28, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Real Estate & Antitrust
Mar 27, 2024 by
CPI
Systematic National Evidence of Steering by Real Estate Agents
Mar 27, 2024 by
CPI
Compliance Now! Actionable Antitrust Advice for the Residential Real Estate Industry
Mar 27, 2024 by
CPI
Real Estate Commissions: Some Insights from the Economics of Multi-Sided Platforms
Mar 27, 2024 by
CPI
New Ideas for Promoting Real Estate Brokerage Price Competition
Mar 27, 2024 by
CPI