Morellato fined €25.9M for anti-competitive jeweller discounts

AGCM Competition Press Releases

Filed March 31st, 2026

Detected March 31st, 2026

Summary

The Italian Competition Authority (AGCM) fined Morellato S.p.A. €25,895,043 for implementing anti-competitive vertical agreements in its selective distribution system for mid-range jewellery and watches. The violations, spanning July 2018 to December 2025, included imposing maximum resale discounts on online sales and prohibiting distributors from selling on third-party marketplaces like Amazon and eBay.

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What changed

AGCM found that Morellato violated Article 101 TFEU by controlling maximum discounts distributors could offer on online channels through continuous price monitoring, automatic order blocking, and threats of contract termination. The company's distribution agreements also contained express marketplace bans despite Morellato itself selling on those same platforms.

Manufacturers and retailers operating selective distribution systems in the EU must immediately review their pricing policies and marketplace restrictions to ensure compliance. Companies should remove any resale price maintenance provisions, permit third-party platform sales unless justified by legitimate distribution needs, and implement compliance programs to monitor distributor agreements. The €25.9 million fine demonstrates AGCM's willingness to impose significant penalties for vertical restraints.

What to do next

Audit distribution agreements for resale price maintenance provisions and remove any discount control mechanisms
Review marketplace restrictions to ensure they are proportionate and justified under EU competition law
Establish compliance monitoring to detect and address distributor price deviations

Penalties

€25,895,043 fine (reduced from €33,750,000 for cooperation during investigation)

Source document (simplified)

I876 - The Italian Competition Authority fines Morellato over €25 million

PRESS RELEASE

The company implemented a vertical agreement within its selective distribution system by controlling the maximum discounts authorised jewellers could offer, and also prevented them from operating on third-party platforms and marketplaces.

The Italian Competition Authority has imposed a 25,895,043 euro fine on Morellato S.p.A. for engaging in an anti-competitive agreement in the distribution of mid-range, affordable jewellery and watches, lasting from 20 July 2018 to 23 December 2025.

The Authority found that Morellato, one of Italy’s leading manufacturers of mid-range, affordable watches and jewellery (that is, non-luxury products) , imposed resale prices by setting the maximum discounts distributors could offer on online sales channels, through specific guidance on applicable discount percentages.

The Authority found that Morellato implemented this conduct by continuously monitoring the prices applied by distributors, with penalties against those that did not follow its instructions, through repeated warnings, demands to remove discounts, the automatic blocking of orders and Amazon accounts, as well as threats to terminate contracts.

Moreover, Morellato’s distribution agreements contained an express clause prohibiting its distributors from selling on third-party online platforms (such as Amazon, eBay, etc.). Morellato monitored compliance with this marketplace ban and responded to breaches with threats and retaliatory measures – despite itself using those same marketplaces to sell its products.

The Authority therefore concluded that Morellato’s conduct amounted to a vertical agreement in breach of article 101 TFEU. By imposing resale prices and restricting online sales through marketplaces in a discriminatory and disproportionate manner, Morellato reduced competition between authorised distributors and limited their freedom to determine their own commercial policies.

Rome, 31 March 2026

Text of the decision

Executive Summary