LVMH, based in Paris and popular for its jewelry, clothing, and champagne brands, has filed lawsuits against Visa and Mastercard. Owned by the richest man in the world, Bernard Arnault, several brands of the parent company LVMH are suing the US payments giants in the High Court for charging high interchange fees for credit card payments.
Retailers, including brands under the LVMH conglomerate, pay high interchange fees to banks when they accept card payments via Mastercard or Visa. The companies say that both the US payment giants are anti-competitive and that they cost these retailers billions of pounds. This also drives up prices for the web fans who purchase luxury goods such as jewelry, perfumes, high-end clothes, champagne, and other luxury goods from the Paris-based conglomerate.
The Telegraph first broke the news of the lawsuits by claimants, including Tiffany & Co, Christian Dior, and Bulgari, luxury brands of parent LVMH. Hotel business Belmond, which operates the Venice-Simplon Orient Express, has also filed a lawsuit against Visa and Mastercard.
LVMH owns all the above-mentioned brands and is led by Bernard Arnault, the richest man in the world, and his children. The billionaire-owned LVMH has declined to respond when asked for comment by the outlet, nor has Mastercard or Visa commented on the lawsuits whose details have not yet been made public.
Paris-based LMVH is not the only conglomerate that has filed lawsuits against Visa and Mastercard. Some other giant retailers who have also filed claims against the electronic payment networks include Vodafone, Ocado Fortnum, and Masons.
According to the outlet, interchange fees have been capped at 0.2 pc for debit cards and 0.3 pc for credit cards since 2016. Both Visa and Mastercard have defended claims across various courts and say that the fees are regulated and provide value.
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