High-end brands like Goyard and Prada top the list of frequently counterfeited label names, according to a new report.
In the ever-evolving world of luxury goods and sneakers, the fight against counterfeit products continues to be a significant challenge. Entrupy, a technology company specialising in AI authentication, has released its 2024 State of Fake report, shedding light on the impact of fake and counterfeit Louis Vuitton products in the global marketplace.
According to the report, luxury brands such as Louis Vuitton, Chanel, and Prada accounted for a significant portion of Entrupy's authentications in 2023. Louis Vuitton was the brand Entrupy worked to authenticate the most, representing 32% of all its authentications. Chanel and Gucci tied for second place, each accounting for 13% of all authentications. Surprisingly, Prada accounted for 10% of all authentications, while Coach represented 5%.
However, the report also highlighted some concerning trends. Goyard had the highest unidentified rate among the brands, with 23% of its products going unidentified. Nike's Jordan 1 Retro Low OG SP Fragment with Travis Scott had the highest unidentified rate at 55%, followed by Adidas' Yeezy Boost 700 Wave Runner with 29%.
Counterfeit sellers are employing new tactics to evade detection. They are partnering with TikTok creators to generate interest and direct viewers to marketplaces like DHgate and Pandabuy, which have intentionally vague listings. In these listings, sellers often omit branded Louis Vuitton product names, trademarks, and other key phrases.
The report also noted that tools like Google's AI assistant and ChatGPT complicate the process for customers trying to find legitimate Louis Vuitton products. These tools can make fake reviews easier, leading to further confusion for consumers. To counter this, counterfeiters are taking their own photos of products while obscuring the Louis Vuitton logo to make it harder for AI to identify.
Despite these challenges, the report also highlighted some positive developments. In 2023, 92% of the sneakers Entrupy verified were authentic, marking a higher rate than the previous two years of 89% and 84%. Approximately $1.4 billion worth of Louis Vuitton goods were verified by Entrupy in an unspecified timeframe.
Entrupy expanded its sneaker authentication to include brands such as Dior, Christian Louboutin, and Louis Vuitton in the summer of 2023. The brand's monogram canvas was the most authenticated material for Louis Vuitton in 2023.
As the fight against counterfeit Louis Vuitton products continues, Entrupy's 2024 State of Fake report serves as a valuable resource for understanding the trends in counterfeit sales and the strategies being employed by both authenticators and counterfeiters.
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