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KOREA SEES RISE IN LUXURY COUNTERFEIT MARKET BY 204% FROM LAST YEAR DUE TO COVID-19

The luxury counterfeit market has been on the rise in Korea by 204% in comparison to last year’s January to August period. The Korean Intellectual Property Office (KIPO) is seeking to shut the counterfeiters down.

 

Chung Kee-Hyun, KIPO’s Director of Intellectual property investigation made a statement that suggested that the rise in counterfeiting is in correlation with the online shopping increase due to the pandemic. Statistics Korea has observed a massive increase of sales up to 15.2 trillion KRW during this year’s January to August Period, when compared to last year. The findings observed were that counterfeit bags were the most prevalent items to be counterfeited at 31.7%. Then there’s clothing at 26%, shoes at 18%, wallets at 6% & watches at 5%.

 

According to statistics Korea, less than 3% of all counterfeit reports have led to police investigations. KIPO seeks to raise their capability to carry out these investigations and bringing in “stronger” personnel. There will also be collaboration between KIPO and the trademark holders, which will see consumers who unwittingly bought counterfeit items can be reimbursed.

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