Nike signs agreement to take steps against counterfeit product imports

Nike Inc. (NYSE: NKE) signed an agreement with the CBP (Customs and Border Protection) to stop counterfeit products from entering the United States. Nike will provide the CBP with technology that will allow it to scan for counterfeit products at the express and postal delivery points. In a communiqué to Fox Business, a Nike spokesman said the company is working with the CBP to allow genuine products and prevent counterfeit products from entering the United States. In 2019, the CBP confiscated 26,503 shipments. Their value could be $ 1.3 billion if they are legitimate. Counterfeit products are a threat in the United States. Clothing accounts for 15% of counterfeit products, while jewelry and shoes each account for 12%. Counterfeit products include toys, medicines, purses, handbags, electronics, and other goods. Nike is the victim of scammers. The CBP confiscated counterfeit Nike shoes (14,806 pairs) in Los Angeles in 2019. The value of the real products could be around $ 2.247 million. Chinese exporters put false labels on the shipments in order to mislead the authorities and prevent detection. According to CBP, counterfeit products are not only a serious national security problem, but also harm American businesses. Criminal organizations use the proceeds from the sale of counterfeit products to fund their illegal activities. Diane Sabatino, CBP's Deputy Executive Assistant Commissioner (Field Operations), said the alliance with Nike strengthens the CBP's efforts to protect national interests and optimize its resources. Naomi Osaka, the tennis superstar, unveiled her NKE clothing capsule just in time for the French Open 2021. NKE clothing includes a mesh body designed by Osaka, a crop top, hoodies, shirts and t-shirts. Osaka said she likes to see things as unpredictable. What she wears reflects the way she thinks. She would like to try a mix of different designs. Nike focuses on signature collections for girls and women in sports. Osaka can use the alliance with Nike to inspire the girls with their voices in sports. She can pass on her sports experience and the latest trends in materials to design shoes for the playground. The athletic shoe market is $ 102.76 million in 2019. It is expected to grow at a CAGR of 4.1% between 2020 and 2027. Sports shoes provide the traction, movement control, stability and flexibility you need. They are widely used in golf, hockey, soccer, cricket, and ball sports.