Counterfeit luxury products and how to recognize the genuineness
Consumers are brand conscious but are faking it. According to Anil Rajput, chairman of FICCI Cascade, an industry body created to generate awareness regarding counterfeit, contraband and smuggled products, there are people who buy fake brands knowingly because they desire to own these products but can’t afford them.Then, there is another section that is hoodwinked by the traders.Research shows that 5 popular brands that are replicated the most are:Louis Vuitton,Burberry, Gucci, Chanel & Michael Kors.ASSOCHAM recently reported the size of the fake luxury products market in India at Rs 2,500-3,000 crore. That is 5-6 per cent of the overall luxury products market in the country, which is worth Rs 49,000 crore. Further, fake products account for 7 per cent of the global luxury products industry worth Rs 19,69,920 crore. The market for fake goods is driven largely by web shopping portals that account for over 25 per cent of the overall market for fake luxury products in India, says the report.
Related Posts
Cash currency smuggling: Proposed law seeks to increase penalties
The government has promulgated Tax Laws (Second Amendment) Ordinance 2019 for...
I Spent A Day With A Guy Selling Illegal Cigarettes On The Streets Of New York
It’s a cloudy and cool September morning on Staten Island when I make my way to...
Fake cigarettes manufactured locally seized in Pagadian City
Counterfeit cigarettes and materials used in manufacturing fake cigarettes were...
185 spurious mustard oil cans seized in Burrabazar
KOLKATA: The enforcement branch has raided the premises of three edible oil...