Coupang hit for selling fake luxury goods.

The country’s top online retailer Coupang has been hit for not properly monitoring the sales of fake luxury products on its platform.

The Korea Watch & Clock Industry Cooperative (KOWIC) filed a claim against Coupang for damages after small- and medium-sized companies suffered from flourishing fake Rolex sales there.

The cooperative body said 684 imitation luxury watches are sold on Coupang and their prices range from 200,000 won to 300,000 won. Prices for an original entry-level Rolex watch start at 10 million won.

“The current law only punishes dealers who sell fake products and not the retailers including Coupang. This system is only hurting small- and medium-sized firms here that are making watches fair and square,” KOWIC wrote in a press release.

KOWIC said local fashion watchmakers selling products in the same price range as the fake luxury watches lost billions of won due to counterfeiting.

https://www.koreatimes.co.kr/www/tech/2020/11/694_298851.html