Sales of Fake Goods Double in South Korea Amid COVID-19

Due to an overall increase in online shopping.

By
Fashion 
3,228 Hypes 0 Comments

The Korean Intellectual Property Office (KIPO) is cracking down on the luxury counterfeit market. The number of fake goods being sold has seen a surge of 204 percent when comparing January to August of last year to this year.

Director of the intellectual property investigation division at KIPO Chung Kee-Hyun stated that the rise in demand for counterfeit products has a positive correlation with an overall increase in online shopping caused by the COVID-19 pandemic. According to Statistics Korea, online shopping destinations have seen an increase in sales of ₩15.2 trillion KRW for the January to August period compared to the previous year. Among the categories of counterfeit items sold, bags accounted for the largest proportion, with 31.7 percent; followed by clothing, 26 percent; shoes, 18 percent; wallets, six percent; and watches, five percent. Statistics Korea notes that only a little less than three percent of all reports have led to actual investigations by the judicial police. KIPO is planning to enhance investigation measures with digital forensics and “stronger” investigative personnel. The sector will also be collaborating with trademark holders for a compensation system where buyers who are tricked into buying fake goods could be reimbursed.

In case you missed it, Louis Vuitton is now considered Korea’s most in-demand counterfeit brand.

Read Full Article

What to Read Next

Audi TT RS Celebrates "40 Years of Quattro" as $135,000 USD Limited Edition
Automotive

Audi TT RS Celebrates "40 Years of Quattro" as $135,000 USD Limited Edition

Limited to just 40 units and to be sold exclusively in Germany.

Lomography's New 35mm Panoramic Camera Allows for Liquid Lens
Tech

Lomography's New 35mm Panoramic Camera Allows for Liquid Lens

For a splash of color and washed-out tones.

Tyler, the Creator Reveals His Favorite Albums and Films
Music

Tyler, the Creator Reveals His Favorite Albums and Films

Naming projects from N.E.R.D., Eminem and more.


Zenith's Chronomaster Revival Liberty is a Nod to American Culture
Fashion

Zenith's Chronomaster Revival Liberty is a Nod to American Culture

Limited to just 150 units to the North American market.

Tesla, Instagram and Zoom Enter the Top 100 Interbrand's 2020 Best Global Brands Rankings
Tech 

Tesla, Instagram and Zoom Enter the Top 100 Interbrand's 2020 Best Global Brands Rankings

Big tech dominates the top 10.

Hermès Group Sees 14% Drop in Q3 Revenue Despite Rebound from Previous Quarter
Fashion 

Hermès Group Sees 14% Drop in Q3 Revenue Despite Rebound from Previous Quarter

Asia continues to drive growth.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Help us serve you better

We appreciate your support in allowing HYPEBEAST ads, where we can share contents from the latest fashion, to those culturally relevant. By adding HYPEBEAST to your ad blocker's whitelist, ads on our sites will show while you continue to browse.