Fakes Are Never In Fashion!

I came across an interesting article about  counterfeit goods including designer handbags made by luxury retail brands such as Gucci, Louis Vuitton, and Prada. The MSN writer is raising awareness and exposing counterfeit goods from knock off hand bags to medicines, shampoos, laundry detergents, semiconductors, computer equipment and even airplane parts! I knew the fake handbags were getting out of control but I wasn’t aware of the huge impact on the economy. According to Bazaar publisher Valerie Salembier, “750,000 jobs are lost to counterfeiting” and it has “close ties to organized crime”

Here are some interesting stats:

  • $600 Billion- Estimated annual sales in counterfeit products worldwide
  • $512 Billion- Global sales lost to counterfeit goods
  • $250 Billion- Annual loss to American companies from intellectual property theft
  • $20 Billion- Estimated loss to American companies from counterfeit products
  • $1 Billion- Estimated annual loss in New York City tax revenues due to counterfeiting
  • 750,000- Number of jobs lost due to intellectual property theft in the United States
  • 10%- Estimated percentage of fakes among all goods produced worldwide every year

Besides the “bootleggers” we see on the corners, the author notes that  “More people are using the Internet as a global marketplace — because of that, there is more access to counterfeit goods”. Read the full article HERE

In case you need a visual look at these pics, FAKE vs. REAL

True Religion Jeans

David Yurman Bracelet

Louis Vuitton Wallet and Handbag

Gucci Handbag

Prada Sunglasses

One New York Council Member Margaret Chin is tackling this issue head on. Chin introduced a bill that would make buying knock-offs a misdemeanor punishable with a $1,000 fine or a year in jail! Chin ominously noted that the counterfeit trade helps to support terrorism, child labor and international crime. Read more HERE

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