Beauty & Luxury: From Perfume to Watches & Handbags - Dupe Culture - A Structural Threat, or a Gateway?

Bernstein's European Household & Personal Care team published "Beauty & Luxury: From Perfume to Watches & Handbags - Dupe Culture - A Structural Threat, or a Gateway?". The report argues that 2026 could be the year of the fake, or the "dupe". Designer fakes are not new, but the visibility of "Dupe Culture" has exploded over the past couple of years, led by social media influencers on TikTok and YouTube and how-to guides across Reddit, removing the social stigma of buying luxury lookalikes. The industry itself created the conditions for dupes to thrive post-COVID-19 via aggressive pricing, insufficient product innovation and a narrow focus on the top of the customer pyramid. However, the risk of direct sales cannibalisation remains small, as the 7x to >500x price differential suggests originals and lookalikes often address different wallets rather than compete for the same transaction. Using the "piracy paradox" framework, copying can amplify trends brands originate, broaden cultural aw