Counterfeits are worth nearly 10 percent of the shoes, clothes and accessories sold in the European Union (EU), according to a study by the EU's Office for Harmonization in the Internal Market which was released on July 21. Many of the world's top fashion houses are located in Europe and counterfeiting represents a major cost for both the industry and the EU economy at large. The report estimates the direct annual losses to the industry from counterfeit clothing, footwear and accessories at around €26.3 billion, or 9.7 percent of the sector's sales. Including the knock-on effects on other industries and lost government revenues, the negative economic impact jumps to €43.3 billion per year. For the job market in the 28 EU economies, many of which are struggling with high unemployment rates, the estimated job losses range from 363,000 to nearly 520,000 if indirect effects are included. Italy pays the highest price among EU member countries, with a direct impact of €4.5 billion per year and nearly 50,000 jobs.