Japanese electronics giant Sony has yet to figure out a way to stamp out pirates that use variations of its brand name. I have personally seen electronics knockoffs with the Sony typeface but with a different spelling: SOMY, SOME, SONMY, SONNY. The list goes on. The instant recognition afforded by the older brand sells these knock-offs. But do people actually think that they are buying the genuine article? Not at all. They buy because the knock-offs are cheap.
We no longer live in an era when people have to scrutinize their goods to get the real thing anyway. The fakes will always be fakes, and there would always be dead giveaways that they’re fakes. For one, Louis Vuitton bags can max out credit cards. The fakes are sold for $20-$100+ depending on the ‘class’ of fake it is. But everyone knows that the fakes are still five or six times cheaper.
So this move by LVMH is equivalent to hitting a dead horse with a stick. There’s no point, other than showcasing its clout and resources. People will find the blockchain useful for confirming if their purchases are genuine, but on the whole, it ignores the truth of why people buy knockoffs or fakes in the first place: they can’t afford luxury goods, but they want a piece of the cultural capital that comes with obtaining the brand.
But then again, we have to ask ourselves: will the conglomerate fold with the presence of pirates, or not?