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Fragrance companies raid overview:
- Who: Agents from the European Commission raided an undisclosed number of European fragrance companies March 7.
- Why: The raids were conducted over concerns the fragrance companies had violated European Union antitrust rules prohibiting cartels and restrictive business practices.
- Where: The raids were on fragrance companies in Europe.
European Commission agents raided an undisclosed number of European fragrance companies on Tuesday over concerns they may have been violating antitrust rules put in place by the European Union.
The raid on the fragrance companies was in response to concern of violation of antitrust rules the EU has in place that “prohibit cartels and restrictive business practices,” according to a release from the commission.
The fragrance companies — which are yet to be identified by the commission — were also given a formal request for information by the commission, which said it is also investigating an unnamed business association that is connected to the fragrance industry.
The commission pointed out unannounced inspections like the ones it conducted are only a “preliminary investigative step into suspected anticompetitive practices” and do not mean the companies are necessarily guilty.
“The fact that the Commission carries out such inspections does not mean that the companies are guilty of anti-competitive behaviour nor does it prejudge the outcome of the investigation itself,” the commission said in a statement.
Swiss fragrance company Givaudan confirms it is under investigation by antitrust officials in Switzerland, EU
Givaudan, a fragrance company from Switzerland, has reportedly confirmed it is under investigation by Swiss antitrust officials and ones from the EU, Reuters reports.
In addition to the commission, the UK competition agency has also reportedly opened an investigation into the fragrance sector.
“I can confirm that we are part of an industry-wide investigation by European and Swiss authorities. As a good corporate citizen, Givaudan is fully cooperating with the authorities,” the UK competition agency said in a statement to Reuters.
The commission, meanwhile, has said it has been in contact with the U.S. Department of Justice — as well as competition agencies in Switzerland and Britain — and has consulted with them about the raids, reports Reuters.
In December 2021, Britain’s Financial Conduct Authority proposed new consumer protection laws aimed at putting more responsibility on financial firms to make sure consumers were taken care of and to provide proof of positive outcomes.
Are you concerned that fragrance companies in Europe may have been violating antitrust rules? Let us know in the comments!
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