These fake goods not only erode the profits of legitimate businesses but also compromise brand integrity, harm the environment, and undermine the economy.
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Alarming estimates suggest that 30-40% of apparel sold in India is counterfeit, distorting the market and forcing genuine brands to compromise on pricing. This, in turn, hampers their ability to invest in quality, sustainability, and innovation. Moreover, counterfeiters often evade taxes, depriving the government of vital revenue.
The environmental impact of counterfeiting is equally concerning, as unregulated factories churn out products with little regard for pollution and waste management.
To combat this menace, the industry must adopt cutting-edge authentication technologies like holograms and blockchain. Educating consumers and strengthening legal frameworks are also vital components of a comprehensive strategy.
By joining forces, the apparel industry can overcome the counterfeit challenge and continue to flourish. It's time for stakeholders to unite and protect the interests of legitimate businesses, consumers, and the environment.
CREDITS: Authored article contributed by Manoj Kochar, President: ASPA