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Luxury Industry Goes Global, Knock-Offs Follow
When Giuseppe Festa, an Italian man who owned a small store in Naples became involved in counterfeiting, he also became a global businessman. Mr. Festa imported watches from Hong Kong through Georgian and Egyptian contacts, paid for the goods through New York and Swiss bank accounts, and distributed them throughout Europe in what amounted to one of the continent’s most successful luxury-goods counterfeiting rings. While Mr. Festa dealt in watches, the counterfeit industry covers everything from compact disks and sneakers to medicine and other luxury goods. With the manufacture of luxury goods going global, counterfeiters have increasing sophistication in shadowing the latest trends. In Asia, particularly China, where most imitations are made, counterfeiters have the opportunity to work in close proximity to the manufacture of authentic products, which had moved in search of low-cost platform. Knock-offs sometimes beat the genuine
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this is my baby. announcer: from the global resources of abc news, with cynthia mcfadden and bill weir in new york city, and terry moran in washington, this is nightline, august 5th, 2011. good evening, i m terry moran. and we begin tonight with breaking news and the developing story about the economy and another dark omen. the credit rating agency stann ard and poor s downgraded the u.s. credit rating for the first time in history, knocking the country down from aaa to aa plus. they said it was the result of the government tafking too little action so far to address the nation s long-term debt problem. the white house quickly objected to this downgrade. but the real effect might not be felt until starting sunday, when the stock markets open in asia. all this, however, could ultimately drive up interest rates and unemployment and drive down gdp. as the national economy teeters and this credit ratingg fiasco has added to it, a parallel black market is running strong in
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planet of the apes. good evening. i m terry moran. we begin tonight with breaking news and a developing story about the economy and another dark omen. the credit rating agency standard & poor s downgraded the u.s. credit rating for the first time in history, knocking the country down a peg from aaa to aa plus. s&p said the downgrade was the result of the government taking too little action so far to address the nation s long-term debt problem. the white house quickly objected to this downgrade. but the real effect might not be felt until starting sunday, when the stock markets open in asia. all this, however, could ultimately drive up interest rates and unemployment and drive down gdp. as the national economy teeters and this credit rating fiasco has now added to it, a parallel black market is running strong in this country. police are struggling to stop merchants from peddling counterfeit luxury goods. not only on sketchy street corners but in high-end shopping malls. ry
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resources of abc news, with cynthia mcfadden and bill weir in new york city, and terry moran in washington, this is nightline, august 5th, 2011. good evening, i m terry moran. and we begin tonight with breaking news and the developing story about the economy and another dark omen. the credit rating agency stann ard and poor s downgraded the u.s. credit rating for the first time in history, knocking the country down from aaa to aa plus. they said it was the result of the government tafking too little action so far to address the nation s long-term debt problem. the white house quickly objected to this downgrade. but the real effect might not be felt until starting sunday, when the stock markets open in asia. all this, however, could ultimately drive up interest rates and unemployment and drive down gdp. as the national economy teeters and this credit ratingg fiasco has added to it, a parallel black market is running strong in this country. police are struggling to stop mer
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