Royalties have to be paid by sellers of products marked Monaco or Monte Carlo.
Best to pay the 8% rather than find yourself in Court like a Parisian outfit, who were even selling the products through outlets in Monaco.
In the end it turned out far more expensive for them to sell Monaco branded coins and key rings than if they had paid the royalties.
The Court calculated the unpaid royalties as amounting to over 11.500 euros. Then add Monaco’s legal costs of 3.500 euros and a fine of 3000 euros plus the defendants‘ own legal costs and instead of 11.500 euros of royalties they ended up with a total loss of close to 20.000 euros.
The moral of this story in that Monaco is on the ball and vigilant with respect to royalties.
As Monaco Wealth Management highlights:
Since 2012 Monaco also protects its name as a brand, therefore it is not easy to use the word “Monaco” or “Monte-Carlo” in your company, brand or in your product name anymore. However it is obvious that Monaco and Monte-Carlo are names which have been a magnet for prestigious and luxury brands.
In 6 April 2012 a Monaco based limited company was created protecting the “Brands of the State of Monaco”, it is called Monaco Brands. They are safeguarding, promoting and defending the entire portfolio of brands they own or license.
Therefore once you use Monaco as a company or commercial name, or as a product name you breach international trade mark rights.
Best to pay royalties than a far more costly appointment with the Courts.
Originally published by Olga Taran at HelloMonaco.com