Counterfeit Goods Cost Fashion Industry Billions

The big fashion houses have always warned us against buying counterfeit products which are usually manufactured in countries like India. These products are not only fake, illegal and of poor quality but the counterfeit industry is costing the luxury brands to a tune of $250 billion a year in lost sales.

This also means about 750,000 people lose jobs every year thanks to the counterfeit products that are manufactured in the sweathouses of the third world countries. The worst hit are luxury companies like Chanel, Louis Vuitton, Coach, Burberry, Gucci, and Fendi, whose labels could be seen all over the world, especially in certain areas like the New York City’s infamous Canal Street and Santee Alley in Los Angeles.

However, the police have begun to crackdown on such shops and streets and thus many illegal sellers have begun to use mobile shops and online selling spaces through which counterfeit fashion labels from India and other such nations could be easily sold.

Apparently, $260.7 million of counterfeit goods were confiscated by U.S. Customs & Border Protection and the highest was footwear ($99.8 million). The others are wallets ($21.5 million), apparel (also $21.5 million), watches ($15.53 million), and jewellery ($10.5 million). The next time you plan to buy a fashion label, make sure it is the original.

Via: Style List

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