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Economy

Greece Awash in Counterfeit Cosmetics, EU Transit Point

February 10, 2020

ATHENS – Already noted as being a major point for the sale of counterfeit goods, Greece has emerged as well as a transit place for fake cosmetics to get into the European Union, costing legitimate companies about 234 million euros ($256.24 million.)

That’s about 20 percent of the domestic market’s sales, said Kathimerini in a report on the phenomenon that showed the phony cosmetics are being moved to other countries as well.

The EU figure is 10.6 percent of total sales in the cosmetics sector, or almost 7 billion euros ($7.67 billion,) according to a recent study by the EU Intellectual Property Office which found the sale of counterfeit goods is still flourishing.

Including apparel, sports goods, toys, bags and suitcases, jewelry and watches, music products, alcoholic beverages, medications, pesticides and smartphones – Greece loses about 1.3 billion euros ($1.42 billion) annually, while the EU figure surpasses 56 billion euros ($61.32 billion.)

Piotr Stryszowski, a chief economist at the Organization for Economic Cooperation and Development (OECD), told the paper that exports of counterfeit fragrances and cosmetics add up to $5.4 billion globally, with Greece one of the biggest transit points in Europe.

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