Intellectual property rights (IPR) are a set of rights associated with creations of the human mind. It could also be defined as an intangible creation of the human mind, usually expressed or translated into a tangible form that is assigned certain rights of property. The exclusivity of intellectual property rights is one of its key features. This means that they give owners the opportunity to enjoy exclusivity, which helps to lower the risks and uncertainties related to the launch of a new or enhanced product onto the market.
IP is a core asset of the fashion business. Registering intellectual property gives fashion designer two types of legal rights:
Protection: They can prevent someone else from taking advantage of your labor by duplicating or using your textile or product without your permission.
Exploitation: They can make money out of your designs by enabling you to enter into licensing arrangements for your designs with other parties.
Fashion designers can commercialize their intellectual property by trademarking their brand names and symbols. They can also protect their designs by filing for design patents. Fashion designers can cultivate their intellectual property by keeping detailed records of their designs, including sketches and photographs.
Fashion designers need to also register their trademarks and designs with the appropriate government agencies. It’s also important for designers to monitor the market for copies of their designs and take legal action if necessary. In addition to defending a brand’s right to profits, trademark law also enables consumers to identify between authentic and fake goods.
In conclusion, by safeguarding fashion designs in the form of IP assets, businesses can increase revenue through the sale, licensing, and marketing of unique new products, increase market share, expand profit margins, and lower the chance of violating the IP rights of others. A business or marketing plan that effectively manages IP assets increases the enterprise’s worth in the eyes of investors and financing institutions. The fashion industry needs to invest in protecting their intellectual property.
Babatunde Sharon T.
Associate Member, IP Business Capital.