Fakes and fake fakes: counterfeit goods still in high demand

Fakes and fake fakes: counterfeit goods still in high demand

Brands such as Louis Vuitton and Gucci are among the most popular names among consumers looking for imitation goods.

Gucci is among the luxury brands whose counterfeits are the most popular online. (Uswitch pic)
LONDON:
If there is one sector that does not seem to be struggling, it is the market for counterfeit goods. It owes this robust economic health to the luxury sector, copying designer creations and selling fake versions at lower prices.

A study by UK-based company Uswitch looked at the most popular brands among consumers of counterfeit goods. It turns out that the majority of counterfeit shoppers are looking to buy “Rolex” watches at knockdown prices.

In fact, each year, the term “fake Rolex” is searched online over 225,000 times.

Perhaps it is not surprising, given the high price of the genuine Swiss timepieces, ranging from around €5,000 (RM25,000) for entry-level models to several tens of thousands of euros for collector pieces that are sometimes over 20 years old. Last year, a Daytona Paul Newman model in yellow gold sold for 663,000 Swiss francs (almost RM3.1 million) at Christie’s.

Louis Vuitton and Gucci feature among the brands whose counterfeits are the most popular online, with 118,800 and 87,600 searches respectively. Rapper Kanye West’s Yeezy brand is also coveted by fashion fans who are not too bothered about the authenticity of the items, with 37,200 online searches.

It’s the same story for the Crocs brand and its iconic clogs. Once considered the height of uncool, these colourful shoes have made their way into the wardrobes of millions of consumers. And some do not hesitate to look for fakes online, as evidenced by the 25,200 annual searches reported in the study.

Just as some brands fall victim to counterfeiting more than others, the same is true of specific products. Fake Gucci belts and sneakers generate the most searches online, followed by Kanye West’s Yeezy Boost 350 sneakers.

These findings are consistent with a 2019 report from the Organisation for Economic Co-operation and Development on the trade in counterfeit goods. This fraudulent market now represents 3.3% of world trade, and is dominated by shoes and clothing.

Faced with this booming phenomenon, brands are responding in various ways. Some, like Supreme and Dior, have decided to parody counterfeiting by producing their own “fakes”, turning the tables on those copying their designs.

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