Sunday, June 4, 2023

Switzerland, the United Kingdom, and the European Union investigate an alleged global fragrance cartel

The Swiss antitrust agency put a magnifying glass on the four companies, which together represent more than 60% of the world’s fragrance market, as it suspects they are aligning themselves to carry out anti-competitive practices to the detriment of consumers. Can make

American Flavors & Fragrances, the Swiss Givaudan & Firmenich, and the German Cimmerize are among the largest fragrance firms in the world. Its customers range from fine perfumeries to the most thoughtful manufacturers of cleaning and household products.

The multi-billion dollar global fragrance industry creates and crafts fine fragrances for brands such as Calvin Klein, Hugo Boss, Gucci, Louis Vuitton, and many more, while designing fragrances for products from large companies such as Procter & Gamble or Colgate-Palmolive.

However, for the Swiss antitrust body and its peers in the United Kingdom and the European Union, these firms would have committed an unethical practice: “coordinate their pricing policy, prevent their competitors from supplying certain customers and certain fragrances.” Limit the production of “. In essence, they would have joined the military illegally in what is known as conscription.

The investigated companies represent more than 60% of the global fragrance market. © France 24

The EU admitted that it raided some of these companies’ headquarters in search of information, and the British watchdog also said it would collect the documents and set the start of 2024 as the deadline for receiving results.

“The commission is concerned that a consortium of companies and others in the worldwide fragrance industry may have breached EU antitrust rules that ban cartels and restrictive business practices,” the 27-nation bloc’s executive said. This is a statement.

If convicted, these multinationals face fines of up to 10% of their global turnover for violating EU antitrust rules.

World Nation News Desk
World Nation News Desk
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