Head of Armenia's anti-trust commission warns retailers of fines in case of bad faith in the run-up to Black Friday

YEREVAN, November 21. /ARKA/. The head of Armenia's Competition Protection Commission Gegham Gevorgyan warned retailers on Monday of fines in case of bad faith in the run-up to Black Friday - November 24.

"Our main message is that retailers offer real discounts. If a discount of up to 70% is announced, it should apply to at least 20% of all items. If not, such a retailer should be fined to the tune of 2.5% of its turnover," Gevorgyan told Armenian Public Television.

According to him, stores should not offer "screaming, unprecedented, boom discounts". "You can't raise prices ahead of discounts. The discount is to be made from the average price for the last month," Gevorgyan said.

At the same time, he noted that business entities are now more honest in announcing discounts, although there are violations.

Earlier, Armenian Competition Protection Commission member Tigran Markosyan said that after the enforcement of a revised law on regulation of prices and discounts in 2022 an investigation was conducted as a result of which proceedings were initiated against 35 economic entities for cheating on Black Friday, which were fined in the amount of 100 million drams.-0-