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Counterfeit products costs the UK beauty industry £201 million a year
March 13th 2015
A new study reveals that imitation products make up 6% of sales in the beauty sector
A new report from the Office for Harmonization in the Internal Market (OHIM) has unveiled the extent of the bogus beauty product market and the negative impact it is having on the EU economy.
Across the EU the legitimate cosmetics and personal care industry loses approximately £3.4 billion of revenue annually due to the presence of counterfeit cosmetics. Most affected by the piracy are those who work in industry itself with the OHIM reporting that lost revenue translates into 50,000 lost jobs.
Furthermore, the study - that took into account perfume, make-up and personal care products - found that the Government was also hit badly by this illegal activity. A further £1.2billion of Government money is lost each year due to the fact that sellers of the fake beauty products are not paying income tax or VAT.
The EU's largest intellectual property agency has warned that beauty consumers should be aware of bogus products infiltrating the market.
It appears the imitation game is a costly one...