The structure of the economy in UK is hugely based on innovation and its well-integrated global value chains. These innovations are very beneficial for the economy, but they also make it highly susceptible to the risk of trade in counterfeit goods. These challenges and risks affect the luxury brand owners in UK.
UK -Counterfeiting and Trademark Infringement Report, 2018 addresses the issue of counterfeiting in this fourth industrial revolution. Business organizations spend a lot of money, time and resources on protecting their brand and trademarks. But even after all the measures, counterfeit market is booming like never before. The counterfeit sellers intentionally sell knock offs of branded goods with low quality and cheap price which directly affects the reputation of the brand owner. Along with that such illicit acts also have bad impact on the overall growth of the businesses.
Counterfeiting has amounted to great losses for the brand owners and specially the luxury brands. The reason for prevalence of counterfeiting is the advent of low cost technology. The illicit traders or counterfeiters now have easy access to inexpensive tools that allow them to easily replicate the original branded products trademarks including, logos, trade description and also create convincing looking packaging. The usage of internet has also made it easy for the counterfeiters to market to potential customers across the globe. Internet has also helped them to emblaze intellectual properties and forge link with other counterfeiters.
The report has mentioned and explained all the relevant laws that deals with trademark protection and infringement. It has mentioned the civil and criminal liabilities of the violators. Customs and border authorities also have various rights while dealing with counterfeit products. The collaboration of custom officers with brand owners can actually make it easy to spot the fake goods and restrict them from entering the UK markets. Compiling guidance as to how to distinguish a brand’s genuine goods from counterfeits is valuable to Customs and other enforcement agencies.
There are various recommendations that are there in the report which are very beneficial to the brand owners. The recommendations are a combination of legal, social, economical and technological aspects that are associated with counterfeiting and trademark infringement.
The report is a holistic approach on the issues of counterfeiting and how these issues can be curbed by taking proper measures and collaborating with various stake holders in UK.
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