Latest news with #Nevold
Yahoo
10 hours ago
- Business
- Yahoo
Report: Explosion of Counterfeits and Dupes Makes Earning Trust Harder Than Ever for Retailers
Despite AI technology coming to the rescue with solutions to clean up retail's counterfeit problem, the fraud economy keeps growing. With many misconceptions about the impact of counterfeits, Entrupy Inc., the AI-powered authentication solution company, publishes its 'State of the Fake' report each year to correct this disinformation in its mission of protecting people and educating consumers. From 2024 to 2025, Vidyuth Srinivasan, chief executive officer of Entrupy, said its responsibility feels magnified, calling out the greater acceptance of fakes becoming mainstream today. More from WWD Prada Group Creates Trust Fund With UNESCO for Sea Beyond Project EXCLUSIVE: Chanel Launches Circular Materials Hub Nevold Global Fashion Agenda Addresses Sustainability's Struggles: Uncertainty Looms Amid Policy Shifts, Economic Pressures and Tariffs 'It has motivated us at Entrupy to redouble our efforts to have a larger voice and impact our stakeholders,' said Srinivasan, who noted that fakes aren't reducing by overall volume. 'This is a serious problem that shows no signs of stopping and needs a more scaled approach if we have any hope of stopping the bleed between the counterfeit market and the legitimate one.' Entrupy's AI technology found 91.6 percent of tested items to be authentic in the last year, while 8.4 percent were unidentified. The authors of the report said that these numbers reflect culture, consumer behavior and the evolving resale landscape. Notably, Entrupy works with some of the world's leading luxury brands to authenticate goods including Prada, Givenchy, Chloe, Dior, Chanel, Celine, Goyard, Valentino, Burberry, Fendi and Gucci, among many others. While Entrupy's research found that no country is immune to counterfeiting, the Americas count for 47 percent of all Entrupy submissions for a total of $772 million of authenticated goods in 2024 and $68 million of unidentified goods. Comparatively, Asia-Pacific accounts for 42 percent of submissions for a total of $766 million of authenticated goods in 2024 and $64 million of unidentified goods. Europe and the Middle East account for 11 percent of submissions for a total of $227 million of authenticated goods in 2024 and $22 million of unidentified goods. The five most faked brands, based on the total number of unidentified items by volume (not percentage), in the last year were Louis Vuitton, Prada, Gucci, Chanel and Saint Laurent. Notably, Entrupy's data revealed $12,190,340 worth of fake Gucci bags submitted for verification. Chanel accounted for even more with $500,470,067 in counterfeit goods detected. In the Americas, specifically, the top three fakes were revealed as Louis Vuitton (8.7 percent), Gucci (8.3 percent) and Chanel (6.3 percent). The top five brands with an elevated risk of fakes, based on the volume of submissions for authentication per brand, are Goyard, Prada, Givenchy, Loewe and Saint Laurent. At 18.4 percent, Goyard maintained its spot as the top faked brand by volume, specifically for its St. Louis Tote. Dior, Hermès and Celine's unidentified rates dropped compared to last year and are no longer on Entrupy's top five list. The five most faked materials were found to be Prada nylon (21.3 percent), Louis Vuitton leather or special collection material (9.9 percent), Louis Vuitton monogram canvas (8.1 percent), Gucci leather or special collection material (7 percent) and Chanel calfskin or lambskin leather (6.7 percent). Importantly, Entrupy calls out dupe culture as a driving force behind the fraud economy. The hashtag for 'dupe' gained 6.3 billion views on TikTok in 2024 with the platform fostering 'dupe-hunting' content that 'pushes copycat culture into the mainstream and makes imitation feel like innovation.' 'It's almost an act of rebellion,' Srinivasan said. 'Consumers are basically saying 'These prices don't work for me, this economy doesn't work for me, but I want what I want, why should I deprive myself?'' Moreover, Entrupy's experts said Walmart's $30 Hermès Birkin lookalike marked a turning point: the gap between exclusivity and irony is collapsing. 'Between the viral chatter about Walmart 'Birkins' and people questioning whether even big-name retailers are selling fakes, there's a real shift happening,' Srinivasan said. Legally, the company pointed out that the line is blurry between dupes and fakes, making enforcing legal action murky and uneven. Operations behind counterfeiting have become highly coordinated and transactional with scale, coordination and impact growing quickly. Counterfeit bots are also on the rise with 3 percent of counterfeit purchases now enabled by chatbots. The return fraud economy, which focuses on fraudulent returns and claims, cost U.S. retailers $103 billion in 2024, accounting for more than 15 percent of all returns. These scams can take place in a variety of processes including a classic swap where a real item is purchased then swapped for a fake and returned, a resale platform loophole where a high-quality fake is sent back to a targeted resale platform and return-as-a-service where organized crime rings use fake identities, mule accounts or bulk operations to create a revenue stream through fake returns. 'The rise of fake and dupe culture on social media has made trust harder to earn and easier to lose,' Srinivasan said. 'We're also seeing an explosion of counterfeits in apparel. At this point, protecting your brand is directly linked to protecting your customers, and the only way to do it is via building trust.' Best of WWD The Definitive Timeline for Sean 'Diddy' Combs' Sean John Fashion Brand: Lawsuits, Runway Shows and Who Owns It Now What the Highest-paid CEOs at U.S. Fashion and Retail Companies Make Confidence Holds Up, But How Much Can Consumers Take?
Miami Herald
a day ago
- Business
- Miami Herald
Chanel acts on climate: tackling fashion's growing waste problem
Luxury fashion has a reputation for glamour, craftsmanship, For years, major brands have quietly discarded unsold inventory, shredded old products, and sent unused textiles to incinerators. The result? A mounting environmental crisis most shoppers never see. According to the United Nations Environment Programme, the fashion industry is the second-largest consumer of water and generates roughly 10% of global carbon emissions. Related: Gucci, YSL owner pushes back on tariff threats That's more than all international flights and maritime shipping combined. Yikes. While fast fashion often takes the blame, luxury is hardly off the hook. Mass production, rising inventories, and the practice of destroying unsold goods have become uncomfortable truths for many high-end brands. Now, with regulators preparing new rules to hold companies accountable for their waste and consumer pressure mounting, one iconic fashion house is getting out in front of the problem. Chanel is making a major move aimed at tackling fashion's waste problem before it turns into a full-blown business crisis. Image source: Champhei/ On June 9, Chanel announced the launch of Nevold, an independent venture dedicated to finding end-of-life solutions for textile offcuts, unused fabrics, and unsold or old products, according to Vogue Business. The move comes as European regulators prepare to make brands more responsible for their waste - and crack down on luxury's long-favored solution: destroying unsold goods. "It's becoming more and more important and more and more strategic for us," said Chanel President of Fashion Bruno Pavlovsky. "If we want to continue to exist and to do what we are doing, we have to anticipate and to see how we can rethink this idea of materials and raw materials." Chanel has been laying the groundwork since 2019, investing steadily in recycling capabilities. Nevold will operate as a B2B service provider and R&D hub, developing circular solutions not just for Chanel, but potentially for the broader industry. Related: Luxury outerwear brand avoids tariffs as rivals try to exit China That positions Chanel to better manage its own waste - and to offer solutions to competitors who will soon face the same regulatory heat. At the center of the new division are three companies Chanel has built or acquired: recycling agent L'Atelier des Matières, spinning mill Filatures du Parc, and leather recycling specialist Authentic Material. This structure signals Chanel isn't just trying to clean up its own house - it's preparing to turn waste management into a strategic asset, and maybe even a future revenue stream. "It's not about Chanel recovering her waste to do Chanel," Pavlovsky said. "It's Chanel recovering waste from Chanel and from whoever on the market [is] ready to sell us the waste to recreate a new kind of material." Chanel's latest move shows just how fast the stakes are shifting for luxury brands. Once an industry-wide open secret, the destruction of unsold inventory is quickly becoming a major liability. New regulations will soon force companies to disclose and manage their waste. Failure to adapt could mean stiff financial penalties and serious damage to brand reputation. Rivals like LVMH and Kering are also making progress, but many brands remain behind the curve. Chanel's decision to build a scalable waste and recycling business signals it sees the move as a potential competitive advantage. If the old fashion model was about maintaining image at any cost, the new one will reward brands that can innovate around sustainability with transparency. For Chanel, this isn't just about doing the right thing for the planet. It's about protecting brand value and future-proofing its business in a market where both consumers and regulators are demanding more. In luxury fashion, staying ahead of both may prove to be one of the smartest bets a brand can make. Related: Cartier shares problem with Dior, North Face, Victoria's Secret The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Hypebeast
2 days ago
- Entertainment
- Hypebeast
Palace 發佈 Summer 2025 最新一週單品
Palace剛剛發佈其 2025 年夏季系列的最新一週單品，本次系列呈獻了多種截然不同的設計主題，再次展現了品牌多元的風格面向。 當中以「Truth」系列最為矚目，透過足球球衣、短褲及拉鏈連帽衛衣等單品，呈現了充滿宗教意象的圖案與「Palace Believer」字樣，延續品牌一貫的大膽街頭風格。另一邊廂，「Geezer」系列則大玩復古運動風，在 Polo 衫與運動外套上注入了搶眼的色塊條紋細節。而偏好簡約設計的粉絲，則可選擇以對比車縫線為特點工裝風格外套與短褲套裝。為完善整體造型，系列還帶來了「P Star」漁夫帽及多款配色的「Rugby」帽款等頭飾配件。 Palace Summer 2025 最新系列將於本週五（6 月 13 日）起陸續發售。歐美地區將率先於香港時間 6 月 13 日晚上 6 時及 11 時開賣；而日本、首爾及中國區則將於香港時間 6 月 14 日（星期六）上午 10 時正式上架。 >Chanel 宣佈成立獨立品牌「Nevold」專注時裝廢料再生與環保 >visvim 最新「VISVIM MOTORS CLUB」別注系列第三彈即將登陸 The Repulse Bay Village >JOOPITER 攜手 sacai 與韓國人氣男團 SEVENTEEN 聯手展開拍賣會
Hypebeast
2 days ago
- Business
- Hypebeast
Chanel Is Entering the Recycling Business
Afterslowing down its price hikesin the wake of declining sales,Chanelhas announced an entirely new business venture: a standalone imprint dedicated to making recycled materials from fabric offcuts, unused textiles, and unsold items at scale. Titled Nevold (short for 'never old'), the entity is led by Sophie Brocart, the former CEO of Patou, who joined the Chanel team in January. Under her leadership, Nevold will become a 'business-to-business open platform' that tackles resource scarcity, as many of luxury's favorite textiles, including cashmere, silk, and leather, face threats from climate change, perBusiness of Fashion. The business also addresses the fashion industry's waste problem, the brunt of which is often placed on fast fashion. Luxury, however, claims a fair share in the damage, with unsold inventory at industry-leading conglomerates like Kering and LVMHclimbing to billions of dollarsover the last decade. 'We started by asking ourselves what happens to the materials that don't make it into a final product, or those that reach the end of their first life,' Bruno Pavlovsky, Chanel's president of fashion, toldVogue Business. 'At Chanel, we didn't destroy unsold products. But we also didn't yet have a real system to understand their full potential. Nevold is that system.' Under the Nevold umbrella, there are three key operations: L'Atelier des Matières, the Chanel-created recycling company that pairs brands with textile waste solutions; Filatures du Parc, the leading European wool spinning mill known for its recycled yarns; and Authentic Material, the French leather recycling imprint. Working in tandem with each company, Chanel's goal is to make Nevold a key component of a 'profound transformation process that is rethinking the entire product lifecycle, developing new savoir-faire and professions… and contributing to a more circular economy,' according to a release. 'It's not about Chanel recovering her waste to do Chanel,' Pavlovsky said toBoF. 'It's Chanel recovering waste from Chanel and from whoever on the market who [is] ready to sell us the waste to recreate a new kind of materials.'
Fashion Network
2 days ago
- Business
- Fashion Network
Chanel launches Nevold B2B circularity hub
Chanel said Monday that it's 'reinforcing its commitment to the responsible transformation of the fashion and luxury industry' with the launch of Nevold, an 'independent and open entity designed to develop concrete solutions for circularity'. See catwalk It's a bold move for the business and sees it taking a leadership role on a subject that's squarely in the headlights of both regulators and eco-conscious consumers. Chanel said that for several years now, it's been prioritising the reduction of its carbon footprint, as well as amplifying its societal impact, and 'today, this ambition is accelerating in the face of a shared observation: the scarcity of high-quality, traceable virgin raw materials calls for a collective response from all industry players'. Nevold (a contraction of Never Old) is a 'B2B hub bringing together an ecosystem of companies, start-ups and academic partners around a common goal: to invent, produce and structure the materials of tomorrow, incorporating recycled fibres all while meeting the criteria of excellence in luxury'. It's fully independent of Chanel itself (which is key as it reaches out to other businesses) and already includes L'Atelier des Matières, Filatures du Parc and Authentic Material. Chanel said these are three players 'committed to re-establishing the value of textiles and leathers' and that Nevold 'intends to open up to new acquisitions and develop partnerships with alternative sectors, particularly sports and hospitality, to guarantee a second life for those noble materials – leather, wool, silk, cotton and cashmere – that no longer meet the requirements of the luxury market'. It's a big move for the company and it's clearly not exagerrating when it says Nevold is 'part of a profound transformation process that is rethinking the entire product lifecycle, developing new savoir-faire and professions — such as that of 'recycling agent' - and contributing to a more circular economy'. Former House of Patou exec Sophie Brocart is at the helm of Nevold with Chanel saying she's a trained engineer and is 'renowned for her expertise and pioneering approach to sustainable innovation'. She began the role under the radar in January. It's all very interesting, especially in a world where old-style solutions to fashion sector waste and resource scarcity simply aren't acceptable (think of the furore surrounding news that Burberry was burning unsold stock a few years ago). A number of companies are working on various ways to address the problem with creative solutions such as Coach 's Coachtopia line having been embraced by consumers. It will be intriguing to see how Nevold develops in the months and year ahead.
