Sennheiser’s seven-year price-fixing scheme was hiding in plain sight. Here’s how they pulled it off.
German regulators fined Sennheiser, Sonova, and three managers nearly €6 million for fixing headphone prices over several years. The companies used secret tactics to stop discounts and keep prices high, shaping the headphone market since 2015.
Inside Sennheiser’s Multi-Year Plan to Keep Prices High
Sennheiser and Sonova stand accused of coordinating with retailers to keep headphone prices high over a seven-year period.
According to the Bundeskartellamt, from 2015 to 2022, both companies worked to limit discounting on premium models and influence retail pricing across the board.
These efforts often worked, keeping prices steady and limiting competition.
Inside the company, staff didn’t call it what it was. They used vague terms like “selective distribution” to mask their intentions. Ironically, some of the employees had completed formal antitrust training. Instead of using that knowledge to ensure compliance, they seemed to use it to avoid detection.
How Sonova Continued Sennheiser’s Price-Fixing Strategy
The price-fixing didn’t end when Sennheiser stepped away from the consumer market.
In March 2022, Swiss hearing-aid giant Sonova acquired the company’s consumer electronics division—brand, staff, and all. But instead of starting clean, Sonova kept a softer version of the same strategy running for a few more months.
And that part matters. It suggests this wasn’t just a bad call from one management team—it was part of how the business ran. Things only came to a halt after German and Austrian regulators carried out coordinated surprise inspections in September 2022. Not exactly a casual visit.
By December 2024, Austrian regulators proposed €634,000 in fines for a similar pricing scheme involving both Sennheiser and Sonova.
The Austrian case revealed the same playbook:
- Nudge retailers to hold the line on inflated prices
- Quietly discourage discounts
- Keep a sharp eye on any seller thinking about cutting costs
Regulators didn’t sugarcoat it. Austria called it a “hardcore” restriction of competition, which is about as serious as it gets under EU antitrust rules.
Investigators on both sides of the border joined forces, and found a strategy that was not an employee misstep, but a baked-in business model. It was carried out systematically and still in motion after the company changed hands.
Retailers avoided penalties this time, thanks in part to Sennheiser and Sonova cooperating fully with authorities. That cooperation helped speed up the process. The fines are now final. No appeals, no long court battles, just an expensive end to a long-running scheme.
What It Means for Consumers, Brands, and Regulators
For buyers, this likely meant paying more than necessary for crowd-favorite headphones like the HD-series and Momentum line.
For regulators, the case is a clear reminder that vertical price-fixing (when brands and sellers secretly agree on pricing) isn’t just shady, it’s harmful. These kinds of schemes often fly under the radar. Especially when dressed up in vague language or tucked into selective distribution terms.
Bundeskartellamt President Andreas Mundt saw it as a cautionary tale about surface-level compliance. Some Sennheiser staff had gone through antitrust training. Yet instead of using that knowledge to avoid illegal behavior, they used it to get better at covering it up. As the agency noted, ticking boxes isn’t enough. Real compliance has to be lived, not laminated.
A full case report is still to come. It could open the door to civil lawsuits—or at the very least, force other companies to take a hard look at how they manage pricing behind closed doors.