Watch Industry Cooperative "Coupang Counterfeit Watch Sales Still Rampant"

Concerns Raised Over Sales Decline of Small and Medium Watch Companies

[Asia Economy Reporter Kim Cheol-hyun] Despite appeals from the domestic watch industry, Coupang has been criticized for still selling counterfeit luxury watches such as Rolex. The Korea Watch Industry Cooperative announced on the 4th, "Coupang is selling as many as 684 types of counterfeit luxury watches, offering watches worth hundreds of thousands to millions of won for 200,000 to 230,000 won, causing losses estimated to be in the billions of won for domestic fashion watch companies competing in similar price ranges."

According to the Watch Industry Cooperative, the reason counterfeit luxury brand watches are still sold online is due to loopholes in the Trademark Act. The current Trademark Act only punishes sellers who sell counterfeit goods, and online commerce intermediaries operating distribution networks bear no responsibility. In response, the National Assembly is working on revising the Trademark Act to eradicate the sale of such counterfeit products, led by Democratic Party lawmaker Kim Kyung-man.

The cooperative stated, "Small and medium-sized watch manufacturers who honestly produce and sell products are facing even greater difficulties in management amid the already challenging COVID-19 situation," and insisted, "The sale of counterfeit products must be stopped immediately."

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