It should come as no surprise that luxury brands have long been targeted by counterfeiters. You can find knockoffs for sale on nearly every low-end online marketplace in the world, and you can also find them on the streets of most major cities by peddlers willing to barter for the price. Unfortunately, the demand for luxury goods comes at quite a cost for the authentic brands themselves. With low-quality products being paraded around as genuine merchandise, the brand’s reputation is continually at stake. On top of which, brands stand to lose a significant amount of profit from the mass retail of fake goods which would otherwise be going to the authentic brand itself. A reported 30.3 billion dollars is lost every year due to the sale of counterfeit luxury brands—and this staggering figure is through online counterfeiting measures alone.
It’s important to point out that this financial damage, of course, doesn’t account for the tertiary effects that the counterfeiting of luxury goods imposes on the general public. This includes the funding of criminal organizations, gangs, and human trafficking, as well as the backing of slave and child labour. It may be difficult for some to fathom that all of this harm is caused for the sake of a discount, but, unfortunately, many shoppers don’t realize the extent of their actions when a seemingly “good deal” is at their fingertips.
If you’re curious to learn more about the implications of counterfeiting on luxury brands, then feel free to download our whitepaper here. In it, we discuss the scale of the issue at hand, as well as our variety of solutions for those luxury brands looking to get a grip on their online counterfeiting concerns.