The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
PARIS, France — Counterfeited and pirated goods accounted for up to 2.5 percent of world trade, or as much as $461 billion, significantly damaging companies and state coffers, the Organisation for Economic Cooperation and Development (OECD) said on Monday.
The trade in fake products such as Louis Vuitton bags or Nike shoes has also worsened in the past decade, with a previous OECD study in 2008 estimating it at up to 1.9 percent of world imports or $200 billion.
The impact of counterfeiting is greater for rich countries — where most of the companies making the highly desirable branded goods are based — with the European Union importing up to 5 percent of fakes in 2013, or as much as $116 billion.
The Paris-based think-tank said China appeared as the largest producer of counterfeited products, but that the intellectual property rights of Chinese companies had also been frequently infringed.
The OECD cited the post-financial crisis revival in trade, the emergence of globalized value chains and booming e-commerce as reasons for the rise in pirated goods trade since 2008.
By Michel Rose; editor: Mark Heinrich.
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.