Money is hard earned. And where you put it has to be genuine. We tell you about the 5 most copied luxury brands, and how to recognise the fakes doing rounds on e-commerce portals and small shops
MoneyBy: Abhay Gupta, CEO, Luxury Connect
Posted on: April 23,2015
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 brand 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:
Numbers to awe
ASSOCHAM recently reported the size of the fake luxury products market In India at Rs 2,500-3,000 crore. That is 5-6 percent of the overall luxury products market In the country, which is worth Rs 49,000 crore. Further, fake products account for 7 percent 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 percent of the overall market for fake luxury products in India, says the report, while e-commerce website are hailed for the range and discount they offer, the medium has come under scrutiny for encourage sales of counterfeit product.
If you are seeing 70 percent off online on your favourite Louis Vuitton or Gucci bag, trust your instincts and understand that it's too good to be true. Chances are it is remarkable achievement by a small Chinese vendor and is a perfect fake. "Over 80% of the entire imitation luxury product in India come from China, "D.S. Rawat secretary general of ASSOCHAM, said in a statement.
Online counterfeit sellers have an obvious that the customer is unable to touch end see the product and only receives his or her purchase after the full payment has been received. Therefore, it's easy to fool the customer making an online purchase.
That's not all - one can find luxury brands even in product categories not manufactured by original brands. One such example is Harley Davidson deodorants.
This unprecedented demand for high-end branded item has actually resulted in a simultaneous increase in the fake luxury segment in astounding number. The Market of fake luxury goods in India is likely to touch INR 6,000 Crore in 2016.
This is definitely bad news for the Indian luxury market as well as the online retail space. Even before there is a robust and sizable luxury market in this country, its parallel and fake counterpart has shown its face.
Thus, there is an urgent need to educate customers on brand heritage and create awareness about original products. According to the ASSOCHAM report, certification of authenticity and quality of products by luxury goods makers, digital serialisation/authentication, multi-channel protection and appropriate technologies in product labeling are steps that can be followed by luxury goods manufactures to combat counterfeits.
The downside of this trend is that people who aspire to own brands, and even those who can afford the real deal. are opting for fake options, This coupled with the latest e-commerce boom is a sheer recipe for disaster. Each day there is yet another new fashion destination that claims to stock top in fashion and accessories.
Under the magnifying glass
According to Economic Times, the most popular counterfeited products sold widely in India are:
Although it might not appear so, but it's quite easy to catch fakes if you know what you are looking for. Here's cheat sheet' on how to spot the differences for some brands.
In order to identify a fake watch you need to know what it feels like, looks like, how much it weighs and what it sounds like. Identify the following factors: