Intellectual Property Rights

Almost 5.2% of the clothing industry’s overall turnover was lost to counterfeits in the European Union during the 2018-21 period, says a new study by the European Union Intellectual Property Office (EUIPO).

In a significant increase as compared to pre-pandemic 2019, 52% of young Europeans have bought one or several fake products intentionally, according to a survey.

A number of industry groups have urged the US Congress to introduce legislations to protect the health and safety of American consumers by curbing the proliferation of counterfeit products promoted and sold online. The call, issued on World IP Day, comes in the backdrop of a number of reports that have highlighted the malaise of counterfeit goods.