Brussels: The European Commission announced on Tuesday that it has imposed fines on luxury fashion brands Gucci, Chloe, and Loewe, totaling over £157 million ($182 million), for breaching competition rules by setting prices in collusion.

According to Anadolu Agency, the Commission's investigation revealed that the three fashion giants restricted the ability of independent third-party retailers to set their own prices both online and offline. This practice, known as resale price maintenance, led to increased prices and diminished consumer choice, which the Commission identified as anti-competitive behavior.

The Commission highlighted that Gucci, Chloe, and Loewe engaged in fixing resale prices, thereby interfering with the commercial strategies of retailers by imposing various restrictions. By ensuring that their retailers adhered to the same pricing and sales conditions as those in their direct sales channels, the companies were found to have limited market competition.

The penalties imposed on the fashion houses are substantial, with Gucci facing the largest fine of £119.67 million, followed by Chloe with £19.69 million, and Loewe with £18 million. These actions underscore the European Commission's commitment to maintaining fair competition within the market.