The turnaround was largely driven by a gradual recovery in China, where sales turned positive again for the first time this year. According to Chief Financial Officer Cécile Cabanis, mainland Chinese consumers showed renewed appetite for high-end fashion and experiences, such as Louis Vuitton’s flagship ship-shaped boutique in Shanghai. While spending by travelling Chinese shoppers remained below last year’s levels, the domestic momentum helped offset earlier weakness and restored confidence in Asia’s contr ...

Core Viewpoint - The European Commission has imposed fines totaling over €157 million on luxury brands Gucci, Chloé, and Loewe for anti-competitive pricing practices, specifically resale price maintenance (RPM) [2][5]. Group 1: Fines and Violations - The total fines for the three companies are as follows: Gucci €119.7 million, Chloé €19.69 million, and Loewe €18.01 million [5][6]. - The violations involved restricting retailers' ability to set their own prices, including prohibiting discounts and enforcing adherence to suggested retail prices [5][6]. - The infringement activities were confirmed to have ended in April 2023, following a surprise inspection by the European Commission [5]. Group 2: Regulatory Response - The European Commission initiated formal proceedings in July 2024 after the investigation [5]. - All three companies acknowledged their violations of EU antitrust rules, which facilitated the resolution of the cases under the antitrust cooperation procedure [5]. - The fines were reduced for cooperation, with Gucci and Loewe receiving a 50% reduction, while Chloé received a 15% reduction [6]. Group 3: Implications for the Industry - The decision sends a strong message to the fashion industry and other sectors that the EU will not tolerate such practices, emphasizing the importance of fair competition and consumer protection [7].