Gucci, Facebook Slap Joint Lawsuit Against Unnamed Counterfeit Seller - Kering (OTC:PPRUY), Kering (OTC:PPRUF)

Kering SA’s PPRUF PPRUY Gucci and Facebook Inc FB have lodged a multiparty lawsuit in California against an unidentified individual for alleged sale of counterfeit Gucci products under multiple Facebook and Instagram accounts, Reuters reports.
The lawsuit claimed the violations of the social media platform’s terms and the breach of Gucci’s intellectual property rights, Bloomberg reports.
Amazon.Com Inc AMZN lodged similar lawsuits over the last year with Valentino and Ferragamo.
Facebook and Instagram suspended over one million content pieces in the first half of 2020, based on the counterfeit content report from brand owners, including Gucci.
Gucci’s in-house intellectual property team had led to the suspension of four million online counterfeit product listings, 4.1 million counterfeit product seizures, and the disablement of 45,000 websites in 2020.
Facebook’s luxury market and social commerce aspirations were getting hammered by fake item sales. Many brands also hesitated to sell their products via third-party players.
Price action: FB shares traded higher by 0.42% at $304.30 in the premarket session on the last check Tuesday.