[SINGAPORE] ValueMax says it is vigorously defending claims of infringement and does not currently carry LV products at all its outlets, in response to queries after news broke that the SGX-listed company is being sued by global luxury and fashion goods company Louis Vuitton.
It was reported on Dec 17 that Louis Vuitton – or LV – was taking issue with two pieces of jewellery sold or offered for sale by ValueMax Retail.
These pieces were allegedly at ValueMax Retail’s Yishun Street 22 store in July and August 2024 and had signs similar to, or identical to, one or more of LV’s marks.
LV has four trademarks registered in Singapore: the “LV” monogram and three graphical motifs, The Business Times reported.
In a filing on the Singapore Exchange on Dec 18, ValueMax Group said the claims were that ValueMax Retail had allegedly sold at least one gold charm, and allegedly offered or exposed for sale at least one other piece of jewellery – a pair of gold earrings – at one of the group’s stores.
“The group has explained that these said gold charm and gold earrings were unredeemed pawned items procured through separate sources by the group,” ValueMax said in the statement.
It added that it shall “vigorously and robustly defend these claims brought forward by LV at every appropriate legal stage and will take all necessary action to defend its reputation”.
It also noted that the case will not have any material impact on the group’s business or its financial statements ending Dec 31.
In response to queries from The Straits Times on Dec 19, a spokesperson said: “At the current moment, ValueMax does not sell any LV products in our pawnshops.”
The group does sell other pre-owned branded jewellery, such as from Cartier, Tiffany, Bvlgari and other jewellery brands, as well as pre-owned branded watches such as those from Rolex, Patek Philippe, AP and Omega.
According to its website, it has 46 pawnbroking and retail outlets and two standalone retail outlets in Singapore.
“Just to be on the side of caution, we currently do not carry LV products at all our outlets,” the spokesperson said.
ValueMax also has 26 outlets in Malaysia, comprising 22 pawnshops and four retail outlets.
In its lawsuit reported by BT, LV said its brand is one of the world’s most valuable, and is also one of the most counterfeited luxury brands in the world.
Hence, it needs to deter infringements, as its reputation and goodwill will be damaged by counterfeit goods, it said.
LV alleged that ValueMax Retail had made misrepresentations to the public that the jewellery pieces in question were LV goods or that there was some association between the jewellery and LV, BT reported.
LV also said it is entitled to statutory damages under the Trade Marks Act – up to S$100,000 for each type of goods or service in relation to which the trademark has been infringed.
ValueMax said in its filing: “Considering the circumstances of the acquisition of the items, ValueMax Retail further regrets that the parties have not been able to meaningfully and amicably resolve the issue in their mutual interests.”
It added that the group will provide an update as and when there are material developments.
ValueMax closed down by 1 per cent at 95.5 cents on Dec 19, from its opening price of 97 cents. THE STRAITS TIMES
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