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