Following the worldwide disruption in retail due to COVID-19, sales of luxury goods are expected to grow as much as 25% in 2022. Much of this growth has been driven by e-commerce, with online sales totalling 23% of all luxury sales in 2020. Meanwhile, consumer sustainability demands have driven growth in luxury resale or rental markets, now worth an estimated $36 billion, while brands have expanded their reach into the brave new digital territory of the metaverse – the overlapping digital spaces in which we increasingly work, play, and consume.
Yet luxury's digital embrace has been hampered by a concomitant rise in counterfeit goods in the physical and digital worlds. Is blockchain the solution?
To read the full text of this article co-authored by Duane Morris attorneys Cindy Yang and Kelly Bonner, please visit the Multilaw website.
Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm's full disclaimer.
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