US tech giants Amazon.com, Inc. (NASDAQ:AMZN) and Apple Inc (NASDAQ:AAPL) have been fined over €200mln by Italian competition authorities for alleged anti-competitive cooperation in the sale of Apple and Beats products, according to a report by Reuters.
Under the contract between the two companies, only selected resellers were allowed to sell Apple and Beats products on Amazon.it. This was a violation of EU regulation, the Italian competition watchdog ruled.
Amazon was handed a fine of €68.7mln, while Apple was fined €134.5mln.
The companies have been ordered to end the restrictions, Reuters reported.
Both Apple and Amazon plan to appeal against the fines.
"To ensure our customers purchase genuine products, we work closely with our reseller partners and have dedicated teams of experts around the world who work with law enforcement, customs and merchants to ensure only genuine Apple products are being sold," Apple said.
In a separate statement, Amazon said the proposed fine was "disproportionate and unjustified".
"We reject the suggestion that Amazon benefits by excluding sellers from our store, since our business model relies on their success. As a result of the agreement, Italian customers can find the latest Apple and Beats products on our store, benefiting from a catalogue that more than doubled, with better deals and faster shipping," Amazon said.