The Issue of Counterfeiting in the Digital Age
It is a modern-day consumer reality that where there is demand for luxury goods, there is ample supply of counterfeit options. Counterfeiting is one of the fastest growing crimes, and shows no signs of slowing down. The World Customs Organization estimates annual global trade in illegitimate goods is about $600 billion, and this figure is expected to rise to $1.7 trillion by 2015. It is estimated that between 5% and 7% of worldwide trade is from the counterfeit market.
Luxury brands take counterfeiting seriously. Almost all brands affected are actively engaged in combating the problem, working with the relevant customs authorities and investigators to enforce a zero-tolerance policy against counterfeits. During the recent Brand Protection and Anti-Counterfeiting Summit in Amsterdam, Guido Baumgartner, Vice-President for Global Brand Protection at Coty, reaffirmed that the digital landscape has created a new dimension in the issue of counterfeiting.