By Brazil Stock Guide — Brazil’s antitrust watchdog Cade has opened an administrative proceeding to investigate alleged anticompetitive conduct in the international fragrances market that may have affected Brazil, the agency said.
The investigation targets Firmenich International, Givaudan Fragrances Corporation and International Flavors & Fragrances, or IFF, as well as six current and former executives: Andy Crossman, Christophe de Villeplee, David Ellison, John Fox, Maurizio Volpi and Nathan Angel.
According to Cade’s investigative arm, the companies and executives allegedly entered into arrangements involving the exchange of competitively sensitive information among rivals.
The opening of the proceeding does not amount to a finding of wrongdoing. The companies and individuals will be formally notified and given the opportunity to submit their defenses.
Cade said the evidence was provided under Leniency Agreement No. 02/2025, the 115th such agreement signed under Brazil’s competition enforcement system.
Once the investigative phase is completed, Cade’s General Superintendence will recommend either that the case be dismissed or that sanctions be imposed. The final decision will be made by Cade’s tribunal.
Companies found liable may face fines ranging from 0.1% to 20% of their revenue, while individuals may be fined between R$ 50,000 and R$ 2 billion. Executives may also be subject to penalties equivalent to between 1% and 20% of the fine imposed on the companies.
The leniency applicants may receive full immunity from administrative fines and criminal liability related to economic offenses, provided Cade ultimately confirms that they complied with the terms of the agreement.
The companies and individuals could not immediately be reached for comment. Their responses will be included if and when received.
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