ZURICH, Switzerland, March 26 /PRNewswire/ -- Yesterday at BASELWORLD 2009, WISeKey, and Hublot announced a world first at BaselWorld 2009 demonstrating an unique breakthrough solution that will help reduce counterfeiting among the luxury watch industry. This solution arrives during a period on which the watch industry is also impacted by the crisis and needs to reassure its clients.
All Hublot watches (new and old) will be protected by WISeAuthentic(c), a certification system of authenticity through a smartcard. By leveraging this technology, online shopping and auction Websites have the ability to provide its users a safe, secure transaction, avoiding counterfeited goods in its product range.
Counterfeiting represents approximately five to seven percent of all world trade, said Carlos Moreira, CEO of WISeKey. Therefore, with the luxury brand industries estimated to reach one trillion dollars (US) by 2010, these companies need a solution that will prove authenticity. We are pleased that WISeKey technology can be used in the fight against counterfeiting.
In the watch industry we are seeing a significant increase in counterfeit goods, said Jean-Claude Biver, CEO of Hublot. It was imperative for us as a company to find a way to not only protect our watches but also those who were purchasing them. WISeKey has a strong track record in security and authentication and when looking for a partner to help us in the fight against counterfeiting we knew WISeKey was the right choice for us. We expect that this technology will become the standard on this industry.
Currently, Hublot is the first watch making company to reach this level of protection for its products by associating digital anti-counterfeiting technology with traditional watch making. This combination provides a fail-safe solution, impossible to replicate at a cost that is a small fraction of the amount lost in sales due to counterfeits.
Every year, more than 40 million Swiss counterfeit watches enter the market compared to 26 million genuine watches, said Jean-Daniel Pasche, President, Federation of the Swiss Watch Industry. This is a significant number that costs the Swiss watch industry, on a global basis, approximately 700 million to 800 million dollars (US). We are pleased to see companies are taking this issue seriously and creating solutions that will get us closer to stop counterfeiting.
WISeAuthentic is also available for use with jewelry, beauty products, haute couture as well as exotic items including jet aircraft engines or high-tech automobile parts. For more information on this solution please visit http://www.wisekey.com.