Follow us

Menu
PARTNER WITH USFREE NEWSLETTER
VISIT TheIndustry.beauty

Gucci’s offices raided in EU anticompetitive practices probe

Chloe Burney
20 April 2023

Gucci’s offices in Italy have been raided by EU investigators as part of a probe into suspected anticompetitive practices. The news was first confirmed by the fashion house's parent company Kering and the European Commission.

The European Commission, which runs the EU's antitrust authority, is looking into allegations the companies had violated the bloc's competition rules. The European Commission then confirmed that it had already carried out unannounced inspections "at the premises of companies active in the fashion industry in several member states".

The Commission did not name the companies or the countries, in line with its policy. It also sent requests for information to companies active in the same sector.

If a company raided is found guilty of antitrust violations, it risks large fines of as much as 10% of its global turnover. However, a company may be granted immunity if it cooperates with the commission and amends its behaviour.

Kering said that it "is fully cooperating with the Commission in the context of this investigation" and the inspections that began on Tuesday. Kering is the world's second-largest luxury group, after LVMH. The conglomerate boasts an impressive portfolio, which includes the likes of Yves Saint Laurent and Balenciaga.

For the 2022 fiscal year, Kering reported impressive revenues of £18.05 billion, up by 15% year-on-year. Gucci, specifically, reported revenues of £9.3 billion (€10.48 billion), up by 8%.

Reuters reported on Tuesday that Italian tax police and European Commission agents inspected a Gucci site in Milan connected with the manufacture of travel items, handbags, and other leather goods.

Free NewsletterVISIT TheIndustry.beauty
cross