On Thursday, the luxury goods industry in Europe faced probes by European Union antitrust regulators. Luxury Brands including Gucci, in Milan were raided by the watchdog. Earlier on Tuesday, the European Commission had said antitrust regulators had inspected the premises of several companies in the fashion sector in several EU countries, without disclosing the brands or the luxury company names.
A source, who has direct knowledge of the matter, told Reuters that the Gucci headquarters in Milan might have been inspected because of probable violations of Article 101 of the European Union. According to Article 101 agreements that restrict, prevent or distort competition within the bloc are prohibited. So do agreements that have an effect on trade that takes place between member states of the European Union.
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Late Wednesday, Kering, the owner of Gucci, confirmed that there was an inspection. The French-listed company also said that it has been cooperating with the investigation of the European Commission on probable violations by the luxury industry in Europe.
Companies who are found guilty of breaking EU rules face fines. Many companies from the tech and other industries have paid fines in the past for antitrust activity, after being found guilty by European regulators. Fines can reportedly reach up to 10 percent of a company’s global turnover.
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Earlier, the source had told the outlet that the location that was inspected was the Milan headquarters of Gucci. The headquarters of the luxury brand is housed at what was formerly an airplane factory, and is located in the eastern part of Milan, Italy.
Milan is known as the fashion capital of Italy. The Gucci Hub, as it is referred to, came into being at the location in 2016. The Milan Hub is the mainstay of Gucci’s operations and oversees worldwide showrooms. It is also the headquarters for Gucci’s offices and photo studios. It also serves as a venue for the brand’s fashion shows.
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