Culture & History
Fragrance Industry's Big 4 Targeted In Global Probe Over Price Fixing (Developing Story)
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Regulators from Switzerland, the UK, the US, and the EU raided the four largest fragrance suppliers, Givaudan, Firmenich, Symrise, and International Flavors & Fragrances, as part of an investigation into potential anti-competitive practices in the industry.
The Financial Times has the full story here.
The companies are suspected of price collusion, prohibiting competitors from supplying certain customers, and limiting the production of specific fragrances.
The chemicals produced by the industry are used in a range of products from perfumes to detergents, and the industry was valued at €39bn in 2020.
Penalties for companies found guilty of illegal cartel activity under EU rules can include fines of up to 10% of global turnover.
We will update this story as more comes to light…
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