The UK Competition and Markets Authority (CMA) has formally closed its investigation into Symrise AG, one of four major fragrance suppliers previously under scrutiny for suspected anti-competitive conduct in the supply of fragrances and fragrance ingredients.
The decision, published today on the CMA’s case page, marks a development in the ongoing probe into alleged cartel behaviour in the fragrance sector. The CMA cited administrative priority grounds for discontinuing the investigation against Symrise, signalling that it will now focus its resources on continuing inquiries into Firmenich International SA, Givaudan SA, and International Flavors & Fragrances Inc (IFF).
The probe, originally launched in March 2023, concerns suspected coordination and unlawful agreements between fragrance suppliers in relation to the supply of key inputs used in household and personal care products. In January 2024, the CMA extended the investigation to include potential reciprocal no-poach arrangements involving recruitment practices for key personnel.
Symrise welcomed the CMA’s decision, reiterating its position that it had never engaged in unlawful conduct.
“Symrise has always maintained that it did not participate in any anti-competitive agreements with competitors,” the company said in a statement. “We argued from the outset that our inclusion in the investigation was not justified and are pleased that the CMA has reached this decision.”
While the case against Symrise is now closed, the broader investigation remains active. The CMA’s next public update is expected in September 2025. The authority is conducting its inquiry in close coordination with the European Commission, the U.S. Department of Justice, and Switzerland’s competition regulator.
As per UK law, the CMA may issue a formal Statement of Objections if it concludes there are reasonable grounds to suspect a breach of the Competition Act 1998. However, no conclusions have yet been drawn regarding the remaining companies.
Market prices remained unchanged after the news:
Symrise AG (+0.10%) — But there was a recent uptick last week, which could be due to this news
Givaudan SA (-0.15%)
Firmenich International SA (-0.16%)
