Women's Wear Daily

Trade in Counterfeit Italian Goods Costs Billions to Italy

MILAN – Made-in-Italy, a boon and a doom. The numerous Italian industries producing top-quality, highly-valued products popular across the world are at the same time making the country’s economy vulnerable to the global risks of counterfeiting and piracy. According to a report released today by the Organization for Economic Co-operation and Development, or OECD, global trade in fake Italian goods such as luxury handbags, watches, foodstuffs and car parts is taking a bite out of Italy’s economy equivalent to around 1 to 2 percent of its GDP in terms of lost sales. The study, “Trade in Counterfeit Goods and the Italian Economy: Protecting Italy’s intellectual property,” assesses the effects of trade in counterfeit goods on Italian industry, the government and consumers, analyzing figures from 2013. In particular, the report estimates the total value of counterfeit and pirated Italian goods sold worldwide at over 35 billion euros for 2013, equivalent to 4.9 percent of global Italian manufacturing sales. This resulted in over 25 billion euros in lost sales by Italian companies in a year when Italy’s GDP was 1.6 trillion euros. Weighing also on the impact imports of counterfeit goods have on the Italian economy, the study states fake imports were worth over 10 billion euros,

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