Fashion heist

Shoplifting is an issue for retailers around the world, and the problem appears to be worsening at luxury boutiques. Inventory loss due to theft, also called shrink, affects profitability and plagues desirable downtown shopping locations and discount malls alike. Despite increased investments in security, including facial recognition technology to identify thieves among luxury shoppers, theft seems to be on the rise. Earlier this week, robbers in New York appear to have stolen USD 50,000 worth of Gucci merchandise in the city’s Meatpacking district. Last year, a series of high profile thefts occurred in Paris, including EUR 10 to 15 million worth of jewellery and watches stolen from Swiss watchmaker Piaget. To protect themselves from theft, retailers will need to increasingly deploy more sophisticated technologies, including digital product passports that can track, trace and recover stolen goods as well as provide a comprehensive overview of product characteristics.

Source: New York City police department, 2023.