Fake goods are better than the real deal says owner of Taobao
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By Terry
Jack Ma, whose online shopping platforms have been heavily criticized for tolerating sales of counterfeit products, seems to have stocked even more controversy by insinuating that Chinese-manufactured fake products are better their original counterparts.
He went on to provide the reasoning behind his statement, according to him, Chinese factories that manufacture goods for top global brands have now gotten so skilled that they can produce their own versions.
Factor in the marketing power provided by shopping platforms like Alibaba and Taobao, then it becomes obvious that Chinese manufacturers simply don't need international brand names anymore to make money, he said.
"The problem is that the fake products today -- they make better quality, at better prices than the real product," Ma told investors at a company event Tuesday. "The exact same factories, the exact raw materials, so they don't use the name."
But he readily admitted that counterfeit products is a problem that has to be dealt with, he also says he wants to work with brands to protect their intellectual property. "We have to stop the fake products," Ma said.
The company was suspended from the International Anti-Counterfeiting Coalition, a global nonprofit that fights fakes. The suspension is as a result of protest which led to many top brands dropping out of the group.
The company which posted its record-breaking $25 billion US IPO in September 2014 is embroiled in tons of lawsuits over counterfeits and questions about how it would clean up its platforms.
Cleaning his online shopping platform, especially here in China, will be an uphill task. This is due to the fact that there seems to be no strict measures put in place under the law that severely punish individuals who are in involved in the productions of fakes.
Source: money.cnn.com
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