We all have that one friend who loves a cheap bargain and one place where everyone seems to go for it is the infamous, Alibaba.com. You can get anything from cheap bundles (buy at your own caution) to some of your favorite ‘knockoff” designer brands. Well it looks like a group of high end brands are no longer here for Alibaba and their cheap ways!
According to Business of Fashion, Yves Saint Laurent, Gucci, Balenciaga, as well as other brands are suing the popular knock off website accusing it of damaging each brand’s reputation and sales by letting over 31 companies sell their fakes.
BOF gave an example of their counterfeit ways by noting Alibaba has a “high quality” $795 Gucci bag for only the price of $2 to $5… and yes its a fake one! The lawsuit which was filed by the luxury brands’ parent company, Kering, is seeking punitive damages as well as other monies owed and the stop to all knockoff sales.
The judge has urged that all parties try to come to a mediation but ironically, Alibaba founder, Jack Ma, who is reportedly worth $23.4 billion, isn’t trying to give up without a fight. Ma tells Forbes, “I would (rather) lose the case, lose the money” than settle. “But we would gain our dignity and respect.” Not sure what his aim is for all of this but we wish him luck even if the chances are dim.
The Organization for Economic Co-operation and Development says that the world economy loses up to $250 billion a year due to counterfeits mainly from handbags and wallets. Lets chat below, do you think this is just a victimless crime for those who don’t have the money for their top brands or should Alibaba pay up?
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