The European Union has imposed fines totalling €157 million on the luxury houses Gucci (Kering), Chloé (Richemont) and Loewe (LVMH) for breaches of competition rules. + Get the most important news from Switzerland in your inbox The European Commission has accused the three companies, based in Italy, France and Spain respectively, of restricting the ability of their independent distributors to freely set prices for their own brand products. These practices are contrary to competition law because they result in higher prices for consumers. The three companies committed these infringements independently of each other, but over overlapping periods, and in relation to physical or online shops that were often the same. By fining them simultaneously, the Commission said it wanted to “send a strong message to the entire fashion industry”. Nevertheless, the fines have been reduced from the maximum levels provided for under European rules, because the three companies penalised cooperated …