Counterfeiting continues to plaque the luxury sector and will cost global apparel and accessories brands more than $30 billion this year. Not only is there a robust black market to worry about with fakes everywhere, but brands also have a huge issue with the grey market. I recently worked with a global luxury brand of highly coveted shoes and handbags that was looking for a solution to provide brand authentication and security in collaboration with their luxury assisted factory where unauthorized women’s’ bags were being produced.
I was very happy to recently read the report 2016 RFID: Has Its Time Finally Come for Retail? published by Fung Global Retail and Technology and written by its very insightful Managing Director, Deborah Weinswig. As she points out – RFID is a 70-year old technology that many retailers previously avoided due to concerns about costs and other factors. That is now rapidly changing and the global RFID market—for tags, interrogators, systems, services, networking and software—is estimated to hit approximately $13.9 billion this year and to grow at a 17.0% CAGR through 2018, according to IDTechEx.