The sneaker industry and resale aftermarket — which is worth $1.2 billion and climbing — aren’t the only footwear-related trades bringing in hefty profits these days. Equally lucrative, yet far more detrimental, is the counterfeit market, which recently took a hit to the tune of $32 million thanks to Chilean customs officials.
In a report translated from the Chilean National Customs Office, Mondaq said that Ricardo Aceituno, Chile’s regional director of customs, confirmed the costly seizure took place on Nov. 7 in Iquique, Chile.
The shipment, which originated from China and was concealed beneath packages of napkins, contained 16,454 counterfeit shoes split up into 474 boxes. According to the report, many of the fake kicks were direct copies of styles produced by Adidas and Nike, along with pairs mimicking the Columbian brand Zodiak.
Although the shipment’s customs documentation declared the total value at $24,209, the Chilean National Customs Office estimates that the actual value is around $31,786,395. The discrepancies in the declared values, as well as irregularities in the shipment’s route and weight, set off red flags for customs officials.