The Fair Trade Commission of Korea has fined Philips, a Dutch company, for price fixing. The Fair Trade Commission fined Philips KRW 1.5billion (USD 1.3 million) for, inter alia, prohibiting online retailers from offering discounts and certain products to potential buyers.
Philips, according to the Korea’s Fair Trade Commission is the top small appliance company in Korea with a 57% share of the electric toothbrush market, 61% share of the electric shaver market; 45% share of the iron market; and a 31% share of the coffee-maker market.
The Fair Trade Commission has contented that prices have not decreased after the implementation of the Korea-EU Free Trade Agreement, because of price fixing by manufacturers.
Philips is the first EU company to be fined by the Fair Trade Commission.
Other articles on this issue and the Korea Fair Trade Commission:
- FTC to Investigate European Car Makers
- Fines by Fair Trade Commission Increases for Unfair Market Practices
- Nongyup Sues Fair Trade Commission at Seoul High Court
- Korean Fair Trade Commission to Investigate Chaebols (Samsung/LG)
- Price Fixing and FTAs in Korea
Also, search via the labels to the right (Korean Antitrust Law).
Sean Hayes, IPG’s Co-Chair of the Korea Practice Team, may be contacted at: [email protected]
- Abuse of Market Dominance in Korea: Competition Law in Korea
- Antitrust/Competition Consent Orders in Korea
- Mergers & Acquisition Arbitration Matters under Korean Law at the KCAB
- Korean Distributor Sales Territory or Customer Restrictions in Korea: Korean Distributor law Agreements in Korea
- Statutory Severance Obligations in Korea after Acquisition of Company in Korea
- Regulating the Korean Government Way: Consumer vs. Small Retailers
- Weekly Korean Legal News From International Law Firm – IPG Legal for the Week of July 28, 2014
- English-speaking Korean lawyers and International Lawyers at International Law Firm in Korea discussing issues of Korean Law
- Fiscal Transparency in International Business: International Business Structures