COUNTERFEIT NEWS: LVMH Moët Hennessy Louis Vuitton has been recognized for its fight against fake goods, winning the award for the best team in the business category by the Global Anti-counterfeiting Network, an association of intellectual property defenders around the world known under the acronym of GACG.

Noting the “meticulous and consistent work of our market protection department,” LVMH group managing director Antonio Belloni said the award served as encouragement to forge new ways to fight counterfeits.

Marking World Anti-counterfeiting Day, the award was given by GACG president John Anderson, who emphasized the group’s creative ideas in pushing the cause, while noting that social networks have added to the threat.

LVMH, owner of the world’s biggest luxury brand Louis Vuitton, along with dozens of other high-end houses, invests 40 million euros per year in fighting counterfeits, with experts at the group level as well as within its brands.

The European Union Intellectual Property Office Observatory estimates that business lost to counterfeits cost the European bloc’s economy 60 billion euros a year, according to the AFP.

The Comité Colbert, a French luxury goods association, noted the figure for the luxury goods industry is likely around $30 billion a year, globally, citing estimates from the Global Brand Counterfeiting Report in 2018.

Adamant defenders of intellectual property, luxury goods companies are also active in the fight against knockoffs, tasks complicated by the rise of online commerce.