eBay & LVMH settle lengthy lawsuit over fake goods: NetNames comment
Gary McIlraith, CEO of NetNames, the online brand protection specialist, comments on counterfeiting in the luxury goods sector in light of eBay and LVMH settling a lengthy lawsuit over fake goods:
“The luxury goods sector is the tip of the iceberg and is arguably the industry where counterfeit detection and enforcement on the internet is most developed. In the first six months of this year, NetNames removed websites and online marketplace listings selling counterfeit luxury goods with an estimated value of over £450m. However, the problem of counterfeit goods being sold on the internet is just as pervasive and damaging across many other industries. In the same period, NetNames removed over £1bn of counterfeit goods from sale on the internet across industry sectors as diverse as automotive spare parts, consumer goods, industrial equipment, electronic equipment and fashion.
To avoid falling into the ‘black hole’ of e-crime, businesses need to identify the biggest threats facing their individual brands, prioritise those that pose the greatest risk and proactively take down infringements. Only then is it possible to start taking steps that protect the value of the brand online, safeguard consumers and avoid losing sales to fraudsters.”
