Counterfeiting in the spotlight at virtual summit
The 1.2 trillion dollar counterfeiting business needs Luxury players to collaborate, says Alibaba workshop host.
Counterfeiting comes under the spotlight at next week’s Luxury Law Summit, September 3rd. Covid-19 has not stopped counterfeiters in a business that is rapidly growing, and delegates will be urged to collaborate in protecting their Intellectual property rights.
A workshop on “Anti-Counterfeiting: Protecting your luxury brand” is to be hosted by Alibaba. Graham Clemence, Senior Director, IP Enforcement, Alibaba, said, “Consumer health and safety, and the protection of IP rights are top priorities for Alibaba.” Clemence will join panellists Luna Bianchi, IP Counsel, Ermenegildo Zegna, and, Peter Ratcliffe, Head of Funded Units - Economic Crime City of London Police, to discuss strategy and actions.
Clemence explained, “Counterfeiters are not welcome on our platform, and we will continue to partner with external stakeholders to combat illicit actors online and offline. Success requires advanced collaboration, and Alibaba is dedicated towards maintaining its leadership role within this important space.”
According to the Global Brand Counterfeiting Report 2018-2020, “The amount of total counterfeiting globally has reached to 1.2 Trillion USD in 2017 and is bound to reach 1.82 Trillion USD by the year 2020 which includes counterfeiting of all equipment/products from defence equipment's to counterfeiting of watches.”
Trade in counterfeit and pirated goods has risen steadily in the last few years – even as overall trade volumes stagnated – and now stands at 3.3% of global trade, according to a new report by the OECD and the EU’s Intellectual Property Office.