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☆ This is what the largest-ever seizure of counterfeit shoes, bags, and other luxury items looks like
▼ + stars: | 2023-11-16 | by ( Kylie Kirschner | ) www.businessinsider.com time to read: +2 min

Authorities in New York recently announced the largest-ever seizure of counterfeit goods in the US. The 219,000 counterfeit items seized included 219,000 bags, clothes, shoes, and other luxury products. AdvertisementFederal authorities in New York City just made the largest-ever seizure of counterfeit goods — worth an estimated $1.03 billion. Boxes full of counterfeit goods were seized from the storage facility. AdvertisementPhotos released by authorities show boxes upon boxes full of counterfeit goods, as well as units with floor to ceiling shelves absolutely overflowing with counterfeit luxury handbags, shoes, wallets, clothing, sunglasses, and more.

Persons: —, it's Organizations: Service, Southern, of, Attorney's, Southern District of New York Authorities, Southern District of, US Department of Homeland Security, Chamber of Commerce, Frontier Locations: New York, Manhattan, New York City, of New York, Southern District, NYC's Chinatown, Southern District of New York

AustralianSuper owns a 13.68% stake in Origin Energy and said the offer was "substantially below" its estimate of long-term value for Australia's biggest energy retailer. Origin shares were down 0.9% in early trade on Tuesday at A$9.10 each, which was above the $A8.81 offer price. Origin shares have been trading above the offer price since the deal got an approval from the country's competition regulator on Oct. 10. Origin shares closed at A$9.17 on Monday, 4.1% above the offer price. "The current offer from the Brookfield and EIG-backed consortium remains substantially below our estimate of Origin's long-term value," the firm said.

Persons: AustralianSuper, Max Vickerson, AusSuper, it’s, Scott Murdoch, Lewis Jackson, Sameer Manekar, Josie Kao, Lincoln, Chris Reese Organizations: Origin Energy, Brookfield, stockbroker Morgans, Frontier Economics, Energy, Thomson Locations: Brookfield, EIG, Sydey, Bengaluru

☆ How knockoffs took over America
▼ + stars: | 2023-09-14 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +10 min

But these fake products have major financial and societal impacts that can lead to lost sales, jobs, and livelihoods. US Customs and Border Protection officers inspect boxes of counterfeit products at the Los Angeles/Long Beach Seaport complex. Edward Berthelot/GettyWhy sales of counterfeit goods have soaredE-commerce has been a breeding ground for knockoffs. AdvertisementAdvertisementAccording to the US Sentencing Commission , the maximum sentence for selling counterfeit goods is 10 years in prison. In 2020, Amazon established its Counterfeit Crimes Unit, which works with brands to identify and remove counterfeit products.

Persons: Daniel Shapiro's, Hugo Boss, counterfeiters, Spencer Platt, Getty, Shapiro, Jason Armond, Gabrielle Chanel, Michael Kors, Gucci, Chanel, Zers, Edward Berthelot, Superfakes, They've, Wang Zhao, I'm, counterfeits, It's Organizations: Service, Red, Puma, Fila, eBay, US Department of Homeland Security, International Chamber of Commerce, Frontier Economics, Customs, Border Protection, Los, United States Intellectual, United Nations Office, Drugs, UN, Seaport, Economic Cooperation, Development, US Chamber of Commerce, US Customs, Protection, US, Commission, Nike, Amazon Locations: Wall, Silicon, Manhattan, Los Angeles, Long, Beijing, Europe, China

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