The Italian Competition Authority has fined Revolut Securities Europe UAB, a company of the group which offers investment services in Europe, and Revolut Group Holdings Ltd over 11 million euro for engaging in unfair commercial practices. Specifically, the two companies were fined 5 million euro for breaching articles 20, 21 and 22 of the Consumer Code: they failed to clearly disclose, from the very first point of contact with clients, the additional costs and limitations involved in commission-free investments. These investments include fractional shares, which – when compared to full shares – involve significant differences, also in terms of risks, rights and transferability of shares. 

The Authority also imposed a fine totalling 5 million euro on Revolut Group Holdings Ltd and Revolut Bank UAB, a company of the group offering banking services in Europe. It found that the companies had used aggressive practices in managing the suspension, limitation and blocking of payment accounts, while omitting (or failing to clearly provide) key information on the relevant terms and procedures. In particular, the companies did not provide clients with sufficient pre-contractual information, or advance notice before restrictions were imposed, nor did they provide an opportunity to respond or adequate assistance once restrictions had been imposed. Preventing users, sometimes for extended periods, from accessing funds and related services hinders their ability to exercise their contractual rights and meet everyday needs, including urgent ones. The Authority therefore found the conducts to be in breach of articles 20, 21, 22, 24 and 25 of the Consumer Code, in view of their potential to unduly influence the freedom of choice of consumers and microenterprises.

Lastly, the Authority imposed a further 1.5 million euro fine on Revolut Group Holdings Ltd and Revolut Bank UAB for not providing clear and exhaustive information on the requirements and timeframe for obtaining an Italian IBAN (starting with IT) instead of a Lithuanian IBAN (starting with LT), in breach of articles 20, 21 and 22 of the Consumer Code.

Rome, 2 April 2026

Text of the decision

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

The Italian Competition Authority has launched two investigations, one into Sephora Italia S.r.l., and the other into Benefit Cosmetics LLC, Sephora Italia S.r.l. and LVMH Profumi e Cosmetici Italia S.r.l. The investigations centre on possible unfair commercial practices linked to the premature use of adult cosmetics among children and adolescents (including those under the age of 10/12) by encouraging the compulsive purchase of face masks, serums and anti-ageing creams. These practices are linked to the broader issue of “cosmeticorexia” – an obsession with skincare among minors.

The investigations were opened over concerns that important information – such as warnings and precautions for cosmetics not intended for, or tested on, minors – may have been omitted or presented in a misleading manner, including online and in Sephora stores, and particularly in relation to the Sephora Collection and Benefit Cosmetics lines. The frequent and combined use of a wide range of cosmetics by minors, without proper awareness, may be harmful to their health.

The companies also appear to have adopted a particularly insidious marketing strategy, involving very young micro-influencers who encourage the compulsive purchase of cosmetics among young people, a particularly vulnerable group.

Inspections at the premises of Sephora Italia S.r.l., LVMH Profumi e Cosmetici Italia S.r.l. and LVMH Italia S.p.A. were carried out yesterday by the Authority’s officials, assisted by the Special Antitrust Unit of the Italian Financial Police (Guardia di Finanza).

Rome, 27 March 2026

The Italian Competition Authority has launched an investigation into Edenred Italia S.r.l. and its parent company Edenred SE over a possible abuse of a dominant position in the national market for the provision of meal vouchers to employees in place of canteen services, in breach of article 102 TFEU.

Following the introduction of a statutory cap on the reimbursement fees charged to affiliated businesses accepting meal vouchers, Edenred is thought to have implemented a complex strategy aimed at shifting entirely unjustified costs onto large-scale retail chains. In particular, Edenred seems to have unilaterally changed how electronic meal vouchers are accepted by discontinuing the direct integration between large-scale retail checkout systems and its own authorisation platforms. This appears to have been replaced by a requirement to use third-party interconnection systems, resulting in higher costs for large-scale retail chains. It seems Edenred also imposed other unfavourable conditions, such as longer voucher reimbursement periods.

Greater operational complexity and higher costs for large-scale retail chains may lead to higher prices for consumers and affect the proper functioning of the market.

The Authority’s officials, assisted by the Special Antitrust Unit of the Italian Financial Police (Guardia di Finanza), carried out inspections yesterday at the premises of Edenred Italia S.r.l. as well as at the premises of the other major meal voucher issuing companies and of some third-party interconnection system providers, deemed to hold documents relevant to the investigation.

Rome, 26 March 2026

Text of the decision

The Competition Authority has resolved that as from 16 May 2026 the thresholds beyond which prior notification must be submitted for all acquisitions and mergers is raised to €595 million for the combined turnover in Italy of all the companies concerned, and €36 million for the individual turnover in Italy of at least two of the companies concerned.
This threshold increase, provided by section 16 of the Competition Act, is based on the increase in the GDP price deflator index which the General Report on the Economic Situation in Italy indicated as 2% in 2025.

Rome, 17 May 2026

The Italian Competition Authority has opened an investigation against Società Farmacia Internazionale di Ciro Cozzolino & C. S.n.c. for possible unfair and aggressive practices in the promotion, delivery and after-sales assistance of parapharmaceuticals and over-the-counter medicines ordered on the website Farmasave.it.

According to the Authority, the company published information on the Farmasave.it website that appeared to be untrue and misleading about the immediate availability of the products offered for sale online and their delivery or shipping times. In fact, many consumers have reported failed/delayed or incorrect/incomplete delivery of products ordered, sometimes even damaged during transport, and already paid for via web. Consumers may also have been hindered in exercising their rights during the after-sales phase, due to poor customer service. In doing so, the company may have made it difficult, or in some cases impossible, for consumers to exercise the right of reconsideration/withdrawal or to obtain the replacement of the products received, if they do not correspond to those actually ordered or if damaged during transport, or to receive a refund, even in the event of non-delivery.

Yesterday, officials from the Authority, assisted by the Special Antitrust Unit of the Italian Financial Police (Guardia di Finanza), conducted inspections at several Società Farmacia Internazionale di Ciro Cozzolino & C. S.n.c. locations.

Rome, 5 December 2024

• Preliminary report

On Monday 25^th of November, Roberto Rustichelli, President of the Italian Competition Authority, and Luigi Federico Signorini, President of the Insurance Supervisory Authority (IVASS), signed a new Memorandum of Understanding.

The aim is to enhance coordination and to improve the effectiveness of developing and maintaining sufficient levels of competition in the insurance market alongside consumer protection. The agreement renews and supplements the two previous ones, from 2013 and 2014.

This new Memorandum oversees the coordination of institutional actions, focusing specifically on collaboration in sector inquiries and joint initiatives on competition and consumer protection; preparing reports for Parliament and the Government; fostering the exchange of opinions; and promoting scientific and personnel training initiatives.

The Memorandum also regulates the reciprocal reporting of cases in which, in the context of proceedings within their respective competences, emerge infringements of provisions for the enforcement of which is responsible the other Authority.

The two institutions will be able to cooperate in the field of inspection, also using the competent Special Units of the Italian Financial Police (Guardia di Finanza).

Rome, 29 November 2024

The Italian Competition Authority has opened an investigation against SAS - Shipping Agencies Services SARL, a company of the Msc Group, Moby S.p.A. and Grandi Navi Veloci S.p.A. (GNV) to verify the existence of possible restrictions of competition following the acquisition of 49% of the share capital of Moby S.p.A. by SAS and the subsequent substantial financing granted by the latter to Moby.

The markets in question are highly concentrated and concern maritime freight and passenger transport between the mainland and the larger islands. The main operators are Moby, GNV, or occasionally a third party. Nonetheless, these markets are characterised by significant barriers to entry.

On 13th November, the Authority, assisted by the Special Antitrust Unit of the Italian Financial Police (Guardia di Finanza), conducted inspections at the offices of Moby S.p.A., Grandi Navi Veloci S.p.A., Onorato Armatori s.r.l. and Marinvest s.r.l.

Rome, 18 November 2024