Counterfeiting proves costly for the fashion sector

European fashion retailers lose over 12 billion euros (13.88 billion dollars) annually on clothing and a further 2.7 billion euros on jewellery and handbags. This is according to research by the European Union Intellectual Property Office (EUIPO), which enforces intellectual property.

The EUIPO states that consumers are willing to pay more for ‘designed’ products like fashion, furniture and electronics. This means there is added value in the design element, which makes design-intensive markets vulnerable to counterfeiting.

Social media makes it even easier for cheap knock-offs to reach the mainstream. In the EUIPO's research, over a tenth of respondents admitted to knowingly purchasing counterfeit goods. For Gen Z consumers under the age of 24, this figure rises to more than a quarter.

Around 28 million EU citizens work in design-intensive sectors, contributing 16 percent to the gross domestic product. The EUIPO therefore strongly advises companies to officially register their designs. Registering a simple product costs 350 euros. The rights are valid in all member states and can be renewed every five years, up to a maximum of 25 years.

This article was translated to English using an AI tool.

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