Luxury fashion brands claim that when you buy from them, you’re getting the best quality possible. It’s why they can justify charging exorbitant prices for handbags and shoes, and why those with disposable income can justify buying them.
But this week, Jack Ma, the CEO of Alibaba, blew the lid off the whole real products are better than fake ones’ myth. At a company investor meeting Tuesday where he was questioned about Alibaba’s tendency to sell tons of fakes on their website, he reportedly said “The problem is that the fake products today, they make better quality, better prices than the real products, the real names.”
According to Bloomberg, Ma also claimed that Alibaba is the best-equipped company in the world for fighting counterfeit pieces.
Forbes ranked him the second richest man in China, worth an estimated $23.2 billion. Needless to say, we don’t think he’ll be needing to buy fakes anytime soon.