EU producers lose about EUR 16 billion annually due to counterfeiting - study
Kyiv • UNN
European manufacturers lose about 16 billion euros ($17.5 billion) annually to counterfeit products, according to a study conducted by the EU Intellectual Property Agency. The industries most affected are clothing, cosmetics, and toys.
European manufacturers of clothing, cosmetics, and toys lose about 16 billion euros ($17.5 billion) in sales annually due to counterfeit products, according to a study published on Tuesday, UNN reports citing dpa.
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According to a new study by the EU Intellectual Property Agency (EUIPO), about 200,000 jobs have also been lost as a result.
"Counterfeit goods cause real damage - to consumers, brands and our economy. This latest study shows the very real costs in terms of lost sales and jobs in the EU," said EUIPO Executive Director João Negrau.
Germany's toy industry is reportedly among the most affected sectors in the EU, accounting for one-third of annual sales losses (€334 million) due to counterfeit products.
The country most affected by counterfeiting in the clothing sector is Cyprus, and France in the cosmetics sector.
The apparel industry is reportedly losing nearly €12 billion in revenue each year, or 5.2% of total turnover.
The European cosmetics and toy industries also reported a significant decline in sales due to counterfeit branded products, with turnover losses of €3 billion for cosmetics (4.8%) and €1 billion for toys (8.7%).
Counterfeiting also has a significant negative impact on the labor market. According to an EUIPO study based on data from 2018 to 2021, 160,000 jobs were lost in the clothing sector, 32,000 in the cosmetics sector, and 3,600 in the toys sector.