Imports of counterfeit and pirated goods are worth nearly half a trillion dollars annually, or about 2.5% of global imports, according to a report by the Organisation for Economic Co-operation and Development (OECD) and the EU’s Intellectual Property Office.
Fake cosmetics represent a direct cost in losses for the cosmetics and personal care (CPC) industry of US$5.25bn annually.
The counterfeiting also results in tens of thousands of lost jobs. But there are other stakeholders in this mix; for example, cosmetics counterfeiting deprives
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