In March 2018, the world witnessed an infamous incident of counterfeiting that rocked the Jewelry brands industry. The US Customs and Border Protection Agency seized hundreds of pieces of counterfeit designer brand jewelry coming from Hong Kong that was worth $1.4 million. The package which contained 269 jewelry pieces was confiscated in Philadelphia. The shipment included necklaces, bracelets, earrings, and diamond pendants impersonating brands like Cartier, Chanel, Bvlgari, etc.
We are living in one of the most prolific times of human history – technological advancement has been one of the biggest gifts to mankind. While we owe a lot to it, we cannot turn a blind eye to the fact that this development also becomes a nightmare to brands at this time. While the growth in technology has given brands an opportunity to create a place for themselves easily and increased their reach by blurring geographical limitations, it has also created the problem of brands maintaining their identity and authenticity both off and online. This has a lead to a situation the issue of brand protection has now been brought to the fore.
The global fashion industry is estimated to be worth about $1.78 trillion and this represents a remarkable 14 percent in growth since 2018. One major factor responsible for the exponential growth of the sector has been digital innovation based on e-commerce. The increase in e-commerce purchase in the fashion industry is because people have become more internet savvy, coupled with this peculiar coronavirus period which entails restricted movement and inadvertently shopping.
