Fake goods gangs costing €885m a year

AROUND €885million and 3,500 jobs are lost every year in Ireland because of counterfeiting and piracy, an agency has claimed.

Studies carried out by the EU Intellectual Property Office estimates the crimes lead to €83billion and 790,000 posts being lost every year across the EU either directly or indirectly.

It said 5.2% of all sales in cosmetics, clothing, footwear, accessories, sports goods, toys and jewellery are lost because of fakes.

It’s a similar story for recorded music, spirits and wine and pharmaceuticals

The EUIPO warned the “negative economic effect of counterfeit and pirated goods lasts all year round” and not just Christmas.