The French competition authority has imposed financial penalties totalling €611 million on a group of 10 electronic equipment manufacturers and two retailers. These substantial fines are the result of findings that between February 2007 and December 2014, these companies were involved in prohibited price-fixing, keeping selling prices artificially high to the detriment of consumers.
Smeg is one of the manufacturers fined a hefty sum of money.
Among the manufacturers fined is Groupe SEB, known for popular brands such as Krups, Moulinex, Rowenta and Tefal, which was imposed the heaviest fine of 189.5 million euros. Whirlpool, another big name in the sector, was fined 44.5 million euros and is also responsible for paying the 27.5 million euros fine of Indesit, which they acquired.
The distribution sector has not been spared either, with fines of €84.4 million for Boulanger and €109 million for Darty, two prominent retailers. Other manufacturers financially penalised included Electrolux with a fine of €44.5 million, Miele with just over €14 million and LG with €15.5 million. BSH, Candy Hoover, Eberhardt and Smeg are also among the companies fined by the French regulator for their participation in these price-fixing agreements.
These sanctions highlight the French authorities' commitment to upholding fair competition and protecting consumers' rights against abusive practices within the electronics industry.
Source: Welingelichte Kringen