Kering and Alibaba join forces in the fight against counterfeiting
Luxury giant Kering, the company behind brands like Yves Saint Laurent and Gucci, has partnered with Chinese ecommerce titan Alibaba to put an end to counterfeit goods being sold online. The deal will see Kering withdraw a lawsuit against Alibaba and affiliate Alipay, and instead work with the Chinese company to pursue the same thing it was trying to do through the courts: stop fake goods being sold with its branding in the Chinese ecommerce space.
Kering’s share price has risen by 79% over the last 12 months
SOURCE: Yahoo Finance
In a joint statement, the companies said: “The new partnership represents a milestone in both parties’ investment and efforts to protect brands’ intellectual property rights. The companies have established a joint task force with the purpose of collaborating fully, exchanging useful information, and working closely with law enforcement bodies to take appropriate action against infringers of Kering’s brands identified with Alibaba’s advanced technology capabilities”
It’s not the first time Alibaba has come under fire for the selling of fake goods. The company has been working hard to alter the perception that it is less than rigorous in its policing of the counterfeit market. Other companies that it is working with to halt counterfeiters include Louis Vuitton, Samsung and Swarovski.
Dominion holds Kering in its Global Trends Luxury Fund.
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