EU antitrust regulators scrap probe: The European Commission announced on Friday that EU antitrust regulators have concluded their two-year investigation into a group of fashion designers who were pushing for alterations in sales periods and discounts, citing “priority reasons.”

In May 2022, the competition watchdog carried out raids on several fashion companies due to concerns of their potential involvement in a cartel that aimed to fix prices. In the recent raids conducted by the Commission, the names of the companies involved were not revealed. The investigation was launched in response to an open letter released by specific fashion designers last year. According to sources familiar with the matter, Reuters reported that this letter is urging for significant industry changes to improve environmental and social sustainability.

Several well-known fashion houses, such as Dries Van Noten, Thom Browne, Proenza Schouler, Lane Crawford, Mary Katrantzou, Gabriela Hearst, Altuzarra, and the Missoni Group, were among the signatories of the open letter.

The European Commission made it clear in its statement that the closure of the preliminary investigation does not indicate whether the conduct under scrutiny complies with or violates EU competition rules. The Commission has the ability to launch a new investigation if new evidence arises that requires additional examination.

It’s important to highlight that companies found guilty of antitrust violations may be subject to fines of up to 10% of their global annual turnover, emphasizing the significant repercussions that come with these violations.