Frauds At It Again, Another Victory Over Counterfeiters 22/9/10

The frauds have been foiled again! Five London men were charged yesterday, in connection with a global multi-million pound designer good counterfeiting ring. We can’t speak out enough against the damage fakes cause. We know that illegal copies of brands like Gucci, Versace, Ralph Lauren, etc. seem harmless. There’s certainly a strong sentiment out there that these brands can ‘afford it.’ It’s not like ripping off a quaint local label, right? True. Luxury brands work with enormous budgets, and we haven’t seen any go under yet. What is all the fuss about?

Counterfeits are like brand cancer. Mutated, replica bag-cells, are out mixing with the population, causing more destruction that most consumers care to realise. Did you know that annual sales of counterfeit goods total around US$600 billion worldwide? And that this figure accounts for almost 7% of global trade? (These figures do include industries other than luxury goods, by the way). In Australia, counterfeiting robs businesses of over $1 billon AUD a year. Slowly but surely, brand integrity, quality, labour standards, and economic performance are slowly eroded. We’ve spoken extensively about intellectual property and brand degradation, but it’s also important to realise that purchasing fake goods has economic ramifications, too. We are glad to see that those behind this pseudo-industry are being held responsible, and are proud to support the fight against it.

Image credit: logomania.nl

Follow MO Luxury's Facebook page for more luxury news...