đȘđș Counterfeit Goods Drain EUR 16B from EU's Clothing, Cosmetics, Toys Industries.The European Union loses nearly 200K jobs annually due to counterfeits. EUIPO study shows significant economic and safety impacts, with major losses in Germany, France, Italy, Spain, and Austria.
The clothing sector suffers the most, losing approximately EUR 12B yearly, equating to 5.2% of total turnover. This massive loss affects not only sales but also the livelihoods of workers, with an estimated 160K job reductions.
Cosmetics and toys industries face substantial hits too. The cosmetics sector incurs losses of EUR 3B (4.8% of sales), while the toy industry loses around EUR 1B (8.7% of sales), demonstrating the widespread effects of counterfeit goods.
Germany, France, Italy, Spain, and Austria bear the brunt of these losses, collectively facing nearly âŹ8B in diminished sales. This indicates a significant impact on major EU economies.
Counterfeits don't just hit the economy; they also pose health and safety risks, particularly in cosmetics and toys. Around 15% of seized counterfeit goods at EU borders are harmful products, underlining the critical issue of consumer safety.
The EUIPO, along with EUROPOL, OLAF, and the European Commission, adopts a comprehensive approach to combat counterfeiting. This includes clamping down on IP crimes and addressing their links to other criminal activities.
What are your thoughts on the EU's efforts to tackle the counterfeit goods problem?
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