Further expanding its reach in its mission to protect buyers and sellers from counterfeit luxury goods, has announced an as the official authentication provider of pre-owned luxury handbags for Shop U.S. to service .
Entrupy is the trusted third-party luxury authenticator of many footwear retailers including Unboxed, CoolKicks, Soleply to protect businesses, buyers and sellers from transacting in counterfeit and fraudulent sneakers. Notably, the company has also recently expanded its support to eight new sneaker brands including New Balance, Alexander McQueen, Christian Louboutin, Dior, Gucci, Louis Vuitton and Off-White. While many people think of handbags first when considering the counterfeit market, Vidyuth Srinivasan, cofounder and chief executive officer of Entrupy, said sneakers are not far behind when it comes to how consumers are shopping.
Counterfeit sneakers are a multibillion-dollar business and, like counterfeit handbags, pose a threat to brands and consumers. According to Run Repeat, the counterfeit sneaker market is estimated to be over five times the size of the legitimate sneaker market (valued at nearly $450 billion in 2021). Between 2022 and 2032, the sneaker resale market is expected to see a 401.
9 percent increase. Srinivasan added that given the prevalence, “knockoffs are becoming increasingly difficult to spot resulting in dupes being put into the hands (and onto the feet) of unbeknown buyers.” In part, he said, this is due to technological advancem.