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Luxury industry under scrutiny as EU targets Gucci and others

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PARIS: Europe's flourishing luxury goods industry was under scrutiny on Thursday (Apr 20) after European Union antitrust regulators started inspecting a Gucci facility in Milan as part of an investigation spanning several countries. The Gucci inspection, at a site connected with the manufacture of travel i

A Kering spokesperson said the company had no further comment beyond Wednesday's statement. Rival LVMH also declined to comment on the raids.

According to Belge, the company understands the probe is part of an overall investigation involving many companies and that such inquiries can take a long time. Companies found guilty of breaking EU rules face fines of as much as 10 per cent of their global turnover.

 

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