1. APPLICABLE LEGAL FRAMEWORK

1.1. Directive 98/6/EC

Directive 98/6/EC (hereinafter the “Directive”) aims to enable consumers to assess and compare product prices easily, on the basis of consistent and transparent information. This allows consumers to make more informed purchasing decisions.

With regard to price indications, the Directive requires traders to indicate the selling price and the unit price in a manner that is “unambiguous, easily identifiable and clearly legible”. The unit price refers to the price per kilogram, litre or any other unit of measurement generally and customarily used in the relevant Member State.

Directive (EU) 2019/2161 of the European Parliament and of the Council amended Directive 98/6/EC by introducing specific rules concerning announcements of price reductions. In particular, Article 6a was added to address the issue of transparency in price reductions by establishing specific requirements designed to ensure that such reductions are genuine.

Article 6a seeks to prevent traders from artificially inflating reference prices and/or misleading consumers as to the actual amount of a discount.

It enhances transparency and ensures that consumers genuinely pay less for goods when a price reduction is announced.

The new provision concerning price reductions also enables enforcement and market surveillance authorities to assess more effectively whether advertised price reductions are fair, by establishing clear rules regarding the “prior” reference price against which an announced reduction must be calculated.

Pursuant to Article 6a:

1. Any announcement of a price reduction shall indicate the prior price applied by the trader for a determined period of time prior to the application of the price reduction.
2. The prior price means the lowest price applied by the trader during a period not shorter than 30 days prior to the application of the price reduction.
3. Member States may provide for different rules for goods which are liable to deteriorate or expire rapidly.
4. Where a product has been on the market for less than 30 days, Member States may also provide for a shorter period than that specified in paragraph 2.
5. Member States may provide that, where the price reduction is progressively increased, the prior price shall be the price without the price reduction before the first application of the price reduction.

In order to provide guidance on the interpretation of the above Directive, the European Commission issued Communication 2021/C 526/02, entitled *”Guidance on the interpretation and application of Article 6a of Directive 98/6/EC of the European Parliament and of the Council on consumer protection in the indication of the prices of products offered to consumers”.

1.2. Directive 2005/29/EC

Directive 2005/29/EC concerns commercial practices which may distort competition, as well as practices which deceive consumers and prevent them from making informed and, consequently, effective purchasing decisions.

1.3. Law 2251/1994 – Consumer Protection

Law 2251/1994 on Consumer Protection constitutes the fundamental legislative framework governing consumer rights in Greece.

Article 9ι of Law 2251/1994 regulates announcements of price reductions and provides that:

“Any announcement of a price reduction shall indicate the prior price applied by the supplier for a determined period of time prior to the application of the price reduction. The prior price means the lowest price applied by the supplier during the period of thirty (30) days prior to the application of the price reduction.”

Furthermore, Articles 9α–9θ of Law 2251/1994 transpose Directive 2005/29/EC on unfair business-to-consumer commercial practices into Greek law.

These provisions prohibit misleading commercial practices (Articles 9δ and 9ε) and aggressive commercial practices (Articles 9ζ and 9η).

Article 9ια provides that infringements of Article 9ι are subject to the sanctions laid down in Articles 13α, 13δ and 13ε.

Pursuant to Article 13α(2), administrative fines ranging from €5,000 to €1,500,000 may be imposed, while the maximum amount may increase to €3,000,000 in cases of repeated infringements.

It should also be noted that the publication of a summary of the relevant administrative decision is mandatory where the fine exceeds €50,000, as well as in cases of repeated infringements, irrespective of the amount of the fine.

As of 2026, such summaries must also include, where applicable, the product code and trade name of the product concerned by the infringement.

1.4. Law 5111/2024

Article 3 of Law 5111/2024 transposed the Directive, and in particular Article 6a, into Greek law by amending Law 2251/1994, as currently in force.

More specifically, Article 9ι incorporated paragraphs 1–3 and 5 of Article 6a.

The general rule established by this legislative framework is that every announcement of a price reduction must indicate the prior price (reference price).

The reference price must correspond to the lowest price applied to the product during the preceding 30 days.

In implementation of paragraph 3 of the above provision, Ministerial Decision No. 19138/06.03.2025 of the Minister of Development was issued, entitled “Code of Conduct for Announcements of Price Reductions (in particular offers, discounts and promotional activities)” (Government Gazette B’ 1140/12.03.2025).

This Decision replaced the previous Ministerial Decision No. 66877/30.08.2024 (Government Gazette B’ 5002).

2. LEGAL ANALYSIS OF THE ISSUES RAISED

2.1. Implementation of a 24-Hour Discount Code Applicable to the Entire Current Collection

Pursuant to Article 15(2) of Law 4177/2013:

“Offers concerning specified quantities of products […] may be carried out throughout the year. During such offers, the original price and the new reduced price of the products must be clearly indicated at the points where the products on offer are sold, with reference to the appropriate unit of measurement for each product.”

The reference in Article 15(2) to the “original price” must, in cases constituting an announcement of a price reduction, be interpreted in conjunction with Article 9ι.

Accordingly, the legally permissible comparison price is the “prior price”, which, as a general rule, corresponds to the lowest price applied during the preceding 30 days.

Before the amendment introduced by Article 6 of Law 4965/2022, a quantitative limit applied to the number of products that could be offered at a discount. Specifically, the number of discounted products could not exceed fifty per cent (50%) of the total number of products available in the store.

However, this restriction has since been abolished. It is therefore permissible to conduct promotional campaigns involving more than half of the products offered for sale.

Consequently, a general 24-hour promotional campaign covering the entire collection is permissible, provided that the requirements of Article 9ι and the applicable Code of Conduct are complied with.

The Code of Conduct expressly provides that traders may designate a particular day on which a price reduction applies to all or some of their products. The conditions governing the implementation of such promotional activities are examined further in Section 2.2 below.

Where a discount code is publicised through an influencer and is available for use by an indefinite or large number of consumers, without any genuine restriction on access, the promotional activity does not constitute a genuinely personalised price reduction.

Accordingly, it falls within the scope of Article 9ι of Law 2251/1994.

Conversely, where a discount code constitutes a genuinely personal and individualised benefit, the specific characteristics of the promotional activity must be assessed separately.

Therefore, the provision of a discount code accessible to all consumers falls within the scope of Article 6a of the Directive, as transposed by Article 9ι of Law 2251/1994.

According to the European Commission’s Guidance, where traders make coupons or discount codes available to all potential consumers visiting their physical or online stores during specified periods, they must comply with the requirements of Article 6a.

In particular, traders must ensure that the “prior” price for all relevant goods corresponds to the lowest publicly available price applied during the preceding 30 days.

Therefore, the provision of a discount code to all consumers falls within the scope of Article 9ι of Law 2251/1994, as currently in force.

This means that a retailer must ensure that the prior price is displayed for all relevant products and that such price corresponds to the lowest publicly available price applied during the preceding 30 days.

Practical Application

A. Price Indications at the Point of Sale (Individual Products)

The reference price is determined separately for each sales channel and, where different prices apply, for each individual point of sale.

This means that where a trader operates both a physical store and an online store and applies different prices in those channels, the reference price must be determined separately for each sales channel.

Similarly, where different physical stores apply different prices, the prior price must be determined independently for each store.

For every product benefiting from the discount, the reduced price must be displayed alongside the reference price, namely the lowest price at which the retailer offered the product during the preceding 30 days.

According to the Code of Conduct, statements such as “discount calculated at checkout” or, conversely, “discount already included in the price” are not permitted.

Consumers must have a clear understanding of both the original comparison price and the final price displayed at the point of sale before making a purchase.

B. General Advertising of the Promotional Campaign

It should be noted, however, that a retailer may advertise a promotional campaign involving a discount code in general terms, without referring to any specific product price.

For example:

“On 8 December, enjoy 20% off the entire collection for 24 hours.”

However, where an advertisement refers to specific reduced prices, the retailer must also indicate the reference price for each product.

Where a price reduction is announced through a general statement, such as a banner or online communication, the “prior” price does not need to appear in the same advertising medium as the announcement itself.

Instead, the prior price for the individual goods covered by the announcement must be indicated at the point of sale, namely on the relevant price labels in physical stores or in the corresponding pricing sections of online store interfaces.

2.1.1. Specific Application: Determining the Reference Price Following Recent Promotional Campaigns (e.g. Black Friday)

Fundamental Principle

The reference price must correspond to the lowest price applied by the supplier during the thirty (30) days preceding the implementation of the new price reduction.

According to the Code of Conduct, prices applied during short-term promotional campaigns, including promotions lasting only one day, must also be taken into account when calculating the reference price for subsequent price reductions.

This means that the lowest price must include any previous price reduction implemented during the relevant period.

Failure to take into account prices applied during promotional campaigns within the 30 days preceding the announcement of a new price reduction constitutes a breach of Article 6a of the Price Indication Directive.

Practical Compliance Following Recent Promotional Campaigns, such as Black Friday and Cyber Monday 2026

By way of illustration, where reduced prices were applied during Black Friday/Cyber Monday 2026, between 27 and 30 November 2026, and a new price reduction is scheduled to be announced on 8 December 2026, the relevant 30-day reference period runs from 8 November 2026 to 7 December 2026.

The lowest price applied during this period constitutes the reference price.

The lowest price applied during this period constitutes the reference price.

A. Determining the Reference Price

For a promotional offer taking place on 8 December 2026, the relevant 30-day period extends from 8 November 2026 to 7 December 2026.

If a Black Friday promotional campaign took place during this period (for example, between 29 November and 1 December), the lowest price applied during that campaign constitutes the reference price, provided that it was the lowest price during the relevant 30-day period.

Example 1: Genuine Price Reduction Following Black Friday

• Regular product price (8–26 November 2026): €100

• Black Friday/Cyber Monday price (27–30 November 2026): €70

• Regular price (1–7 December 2026): €100
• New promotional price on 8/12 using a discount code: €60

Correct price communication: €70 → €60

The reference price is €70, as this was the lowest price applied during the preceding 30 days.

Since the new price of €60 is lower than the reference price, a genuine price reduction has occurred.

Scenario 2: No Black Friday Promotion During the Previous 30 Days

• Regular product price (8 November–7 December 2026): €100, remaining unchanged throughout the period
• New promotional price on 8/12 using a discount code: €80

Correct price communication: €100 → €80

Explanation: The reference price is €100, as this was the lowest price applied during the preceding 30 days, given that no other promotional offer took place.

Example 2: No Genuine Price Reduction (Price Reduction Announcement Not Permitted)

• Regular price (8–26 November 2026): €100
• Black Friday price (27–30 November 2026): €60
• Regular price (1–7 December 2026): €100
• New promotional price on 8/12: €65

Impermissible price communication:

“€100 → €65” or “€70 → €65”

Reason:

The reference price is €60, being the lowest price applied during the preceding 30 days.

The new price of €65 is higher than the reference price of €60.

Consequently, there is no genuine price reduction within the meaning of the applicable rules.

Permissible practice:

The product may be sold at €65 without announcing a price reduction.

The retailer may simply display: €65

B. Progressive Price Reductions

Where a product’s price is progressively reduced during the sixty (60) days preceding the implementation of the price reduction, the prior price is deemed to be the price applicable before the first of the successive reductions.

This exception presupposes a genuinely progressive reduction, namely consecutive price reductions without interruption and without any intervening price increase or price fluctuation.

2.2. Advertising and Displaying the Promotional Campaign

2.2.1. Obligation to Indicate the Prior Price

Pursuant to Article 9ι(1) of Law 2251/1994, as currently in force:

“Any announcement of a price reduction shall indicate the prior price applied by the supplier for a determined period of time prior to the application of the price reduction.

The prior price means the lowest price applied by the supplier during the period of thirty (30) days prior to the application of the price reduction.

Where a product has been on the market for less than thirty (30) days, the prior price shall mean the lowest price applied by the supplier during the period in which the product has been on the market.

Where the price is progressively reduced during the sixty (60) days preceding the implementation of the price reduction, the prior price shall mean the price applicable before the first of the successive price reductions.”

2.2.2. Scope of Application: Distinction from Personalised Discounts

Article 6a of the Directive, as transposed by Article 9ι of Law 2251/1994, applies to price reductions which are offered or announced to consumers generally.

It does not cover genuinely personalised discounts intended for specific consumers in the context of customer loyalty or reward programmes.

More specifically, a price reduction may be regarded as personalised where there is a genuine restriction preventing all consumers from accessing the relevant benefit.

Whether a particular discount qualifies as personalised must be determined on a case-by-case basis.

Criteria for Assessing Whether a Discount Is Personalised

According to the Code of Conduct, examples of potentially personalised discounts include:

• A reduction offered to a specific category of consumers on the basis of the value of their previous purchases or their individual purchasing profile.
• A birthday discount granted to a particular consumer.
• A discount offered to consumers who pay a non-negligible membership fee in order to obtain a store membership card.

Conversely, a store membership card issued to all customers without any substantive conditions, merely upon registration of their contact details, does not constitute a genuinely personalised price reduction.

There is no specific numerical threshold or percentage determining when a customer loyalty programme is considered to be used by “many” or “most” customers.

The assessment must be carried out on a case-by-case basis, taking into account, in particular, the scope of the programme and whether the relevant price reductions are linked to an individual purchasing profile or to specific conditions which prevent the programme from being broadly accessible to consumers.

2.3. How Should a Promotional Offer Be Communicated to Avoid Being Considered Misleading?

2.3.1. Prohibition of Unfair Commercial Practices

Pursuant to Article 9γ of Law 2251/1994, unfair commercial practices are prohibited.

Such practices are defined as commercial practices which are contrary to the requirements of professional diligence and materially distort, or are likely to materially distort, the economic behaviour of the average consumer whom the practice reaches or to whom it is addressed.

Where a commercial practice is directed at a particular group of consumers, the assessment is made by reference to the average member of that group.

2.3.2. Misleading Commercial Practices

Unfair commercial practices include misleading commercial practices.

Pursuant to Article 9δ of Law 2251/1994:

“A commercial practice shall be regarded as misleading if it contains false information and is therefore untruthful or if, in any way, including its overall presentation, it deceives or is likely to deceive the average consumer, even if the information is factually correct in relation to one or more of the elements listed below, and in either case causes or is likely to cause the consumer to take a transactional decision that he or she would not have taken otherwise.”

2.3.3. Misleading Omissions

Furthermore, Article 9ε prohibits misleading omissions, namely commercial practices which omit material information that the average consumer needs in order to make an informed transactional decision.

A misleading omission may also arise where the supplier conceals material information or provides it in an unclear, unintelligible, ambiguous or untimely manner.

The same applies where the supplier fails to identify the commercial intent of the commercial practice, unless such intent is already apparent from the context.

In both cases, the practice must cause, or be likely to cause, the average consumer to take a transactional decision that he or she would not otherwise have taken.

2.3.4. Material Information

In this context, the following information is regarded as material:

• The main characteristics of the product, to an extent appropriate to the medium and the product concerned.
• The geographical address and identity of the supplier, including its trading name and, where applicable, the address and identity of the supplier on whose behalf another person acts.
• The price, inclusive of taxes, or, where the nature of the product is such that the price cannot reasonably be calculated in advance, the manner in which the price is calculated. Where applicable, this also includes all additional freight, delivery or postal charges or, where such charges cannot reasonably be calculated in advance, the fact that additional charges may be payable.
• The arrangements for payment, delivery and performance, where they depart from the requirements of professional diligence.
• The existence of a right of withdrawal or cancellation, in respect of products and transactions for which such a right exists.
• For products offered on online marketplaces, whether the third party offering the products is a trader or not, on the basis of the declaration made by that third party to the provider of the online marketplace.

2.3.5. Application to the Promotional Campaign

It should be particularly emphasised that a pricing practice may be considered misleading where it omits or conceals material information, as described above.

The same applies where material information is provided in an unclear, unintelligible, ambiguous or untimely manner and causes, or is likely to cause, the average consumer to make a different transactional decision.

Accordingly, in order to avoid being considered misleading, an advertisement must clearly specify:

• The scope of the promotional campaign, for example whether it applies to the entire collection, a particular product category or specific product codes.
• The applicable discount percentage or percentages.
• Any material restrictions, limitations or exclusions.

In the case of a general announcement, such as “20% off the entire collection”, it is not necessary to indicate the prior price of each individual product in the same advertising medium.

However, for every individual product, both the reduced price and the reference price must be indicated at the point of sale or on the corresponding product page of the online store.

The reference price must correspond to the lowest price applied to that product during the preceding 30 days.

2.4. Legal Framework Governing Collaborations with Influencers

Annex I to the Unfair Commercial Practices Directive identifies certain commercial practices which are considered unfair in all circumstances.

These include:

“Using editorial content in the media to promote a product where a trader has paid for the promotion without making that clear in the content or by images or sounds clearly identifiable by the consumer (advertorial).”

Failure by an influencer engaging in commercial activities to inform followers of a commercial collaboration with a retailer may fall within the scope of the above prohibition of misleading commercial practices.

In this context, it is recommended that appropriate advertising disclosures be used.

Such disclosures must be immediate, clear and conspicuous from the consumer’s first encounter with the promotional content.

Indicative disclosures include:

• “Advertisement”
• “Paid Partnership”
• #ad
• #sponsored

Where available, the relevant disclosure tools provided by the social media platform should also be used.

The disclosure should not be concealed among numerous hashtags or appear only after the user selects the “more” option.

The commercial and promotional nature of the content must be readily apparent to the consumer.

3. SANCTIONS AND SUPERVISORY AUTHORITIES

3.1. Sanctions for Infringements of Article 9ι of Law 2251/1994

Pursuant to Article 9ια of Law 2251/1994, infringements of Article 9ι are subject to the sanctions provided for in Articles 13α, 13δ and 13ε of Law 2251/1994.

According to Article 13α(2), suppliers, sellers, producers or distributors who infringe the provisions of the law may be subject either to a formal recommendation or to an administrative fine ranging from five thousand euros (€5,000) to one million five hundred thousand euros (€1,500,000).

Where more than one decision imposing a fine has been issued against the same supplier during the five-year period preceding the decision imposing the new fine, the maximum fine may reach three million euros (€3,000,000).

3.2. Competent Authorities

Law 5255/2025 (Government Gazette A’ 219/28.11.2025) established the Independent Market Surveillance and Consumer Protection Authority, entrusted with responsibilities relating to market supervision and compliance with consumer protection legislation.

The Authority commenced operations on 24 December 2025 and constitutes the single competent institutional body responsible for market surveillance and the enforcement of consumer protection legislation.

Among other responsibilities, it supervises compliance with Law 2251/1994 and the Code of Conduct established by Ministerial Decision No. 19138/06.03.2025.

Its organisational structure includes a specialised Department for the Supervision of Commercial Practices.

The Department’s responsibilities include, among others, monitoring price increases, discounts, special offers and promotional campaigns, as well as addressing misleading commercial practices.

3.3. Sanctions for Infringements of Articles 9α–9θ (Unfair Commercial Practices)

In the event of an infringement of Articles 9α–9θ of Law 2251/1994 concerning unfair commercial practices, the sanctions provided for in Articles 13α, 13δ and 13ε, as well as Article 9θ of Law 2251/1994, may also be imposed.

Such sanctions are enforced by the Independent Market Surveillance and Consumer Protection Authority, in accordance with its powers under the applicable legal framework.

4. CONCLUSIONS AND RECOMMENDATIONS

In order to ensure full compliance with the applicable legislative framework, a retailer should take the following measures:

A. Advertising the Promotional Campaign

• A retailer may advertise a promotional campaign in general terms without referring to specific product prices, for example:
  

  “On 8 December, enjoy 20% off the entire collection for 24 hours.”

• However, where an advertisement refers to specific reduced product prices, the relevant reference price must also be indicated for each individual product.

B. Displaying Prices in the Online Store

The retailer must ensure that, for every individual product benefiting from the discount, the following information is clearly displayed:

• The reduced price following the application of the discount code.
• The reference price, corresponding to the lowest price at which the retailer offered that particular product during the preceding 30 days.

C. Collaborations with Influencers

The retailer must ensure that appropriate advertising disclosures are used, such as #ad, #sponsored or the relevant disclosure tools provided by the applicable social media platform.

Such disclosures must make the promotional nature of the content clear and transparent in order to prevent the commercial communication from being regarded as covert advertising.

D. Documentation and Record-Keeping

According to the Code of Conduct, retailers are advised to maintain adequate records of:

• Product prices and pricing history.
• Inventory and stock levels.
• Historical sales data.
• The periods during which promotional and non-promotional prices applied.
• The relevant dates, locations, websites and sales channels.
• The volume of products sold at promotional and non-promotional prices.

The inability to substantiate the lowest price applied during the relevant reference period may operate to the retailer’s detriment in the event of a regulatory investigation concerning misleading commercial practices.