Luxury Brands Losing $250 Billion a Year to Counterfeit Goods
It seems despite an increased crackdown on traffickers of counterfeit goods, the business of selling fakes is booming more than ever.
Most of the fake products are coming from China and the International AntiCounterfeiting Coalition estimates that these illegal operations cost oft-imitated luxury companies like Chanel, Louis Vuitton, Coach, Burberry, Gucci, and others around $250 billion a year in lost sales, which translates to 750,000 lost jobs.
According to Kris Buckner, a counterfeit investigator interviewed on CNBC’s upcoming special “Crime Inc.: Counterfeit Goods” (Wednesday, July 14, at 9pm ET/PT), the dangerous end result of buying counterfeit goods is unknown to many customers.
“Sales of counterfeit goods have been tied to street gangs and terrorist organizations,” he says. “There’s a lot of implications from the sales of counterfeit goods that I don’t think the general public knows or understands.”
Full story on StyleList after the jump.
[Ain’t nothing like the real thing. A sea of counterfeit/pirated luxury bags. Photo: AFP/Getty Images]
How do you feel about fakes?