Trade in Fakes Hits Hungary

Retail

Image by Shutterstock.com

Trade in counterfeit merchandise has cost Hungarian companies EUR 189 million in lost revenue and resulted in 4,466 job losses, the Hungarian National Intellectual Property Office (SZTNH) said on Monday.

The SZTNH based its findings on a report by the European Union Intellectual Property Office (Euipo) covering the period 2018-2021.

The fresh report, which focused on trade in counterfeit clothing, cosmetics and toys, showed local apparel businesses lost EUR 126 million in turnover and made 3,247 redundancies because of fakes.

Hungarian companies in the cosmetics industry lost EUR 51 mln in turnover and cut 870 jobs because of counterfeits, while fake toys caused local companies EUR 12 mln in revenue losses and reduced headcount by 349.

ADVERTISEMENT

Insurers' Premiums Revenue Climbs 5% in 2023 Figures

Insurers' Premiums Revenue Climbs 5% in 2023

Fidesz-KDNP Nominates Constitutional Court Head for Presiden... Government

Fidesz-KDNP Nominates Constitutional Court Head for Presiden...

Wider Margins Lift Magyar Telekom Earnings Telco

Wider Margins Lift Magyar Telekom Earnings

Hungarians Prioritizing Travel Over Renovations This Year Tourism

Hungarians Prioritizing Travel Over Renovations This Year

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.