Counterfeiting Today
Counterfeiting is still a large problem in the world economy today, one that has mushroomed into a machine that doesn’t give signs of letting up any time soon. The garment industry is one of the largest areas of counterfeit goods. Louis Vuitton estimates two to three million counterfeit Louis Vuitton pieces are produced each year, about twice the number of genuine products they manufacture. Because of this, Louis Vuitton spends upwards of 5% of its revenue fighting off counterfeiters; about 1,500 actions/civil proceedings. According to the International Trademark Association, between 1991–1995, apparel and footwear companies lost 22 percent of their sales, around $2.1 billion, due to trademark counterfeiting.
In addition to the garment industry, automotive parts is also a large area of counterfeit goods. The U.S auto industry alone said it would employ another 200,000 plus employees if it could manage to put counterfeit supplies out of business.
Read more about this topic: Trademark Counterfeiting Act Of 1984
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