Business

Costco, Sam’s Club and BJ’s are all opening new locations, as more and younger U.S. consumers sign up for warehouse club memberships.
High inflation “brought the club channel more and more into focus,” said Bobby Griffin, a consumer analyst at equity research firm Raymond James.
Yet faster digital options, eye-catching brands and low-priced meals like sushi have also drawn in Gen Z and millennial consumers.

Costco Wholesale, Sam’s Club and BJ’s Wholesale stores.
Getty Images

On Costco’s last earnings call, executives were grilled about a problem few companies have: how is the company managing crowded stores and jammed-up parking lots?
That dilemma is a sign of the times for membership-based warehouse clubs. More Americans have literally joined the club — fueling growth for Costco, Walmart-owned Sam’s Club and BJ’s.

All three retailers are opening more locations across the country. Shares of the companies have shot up in the past five years, with Costco’s stock up about 215% and BJ’s up about 305% since the day the Covid pandemic began in March 2020. And Gen Z and millennial shoppers have helped fuel the club channel’s gains, as trendier brands and more convenient digital offerings attract younger shoppers.

High inflation “brought the club channel more and more into focus,” said Bobby Griffin, a consumer analyst at equity research firm Raymond James. The clubs have long been known as a place to buy cheaper gas or bulk packs of household staples for less.
Yet the companies have continued to “up the ante,” he said. Merchandise has gotten sharper, private label offerings have become stronger and the shopping experience has gotten more enjoyable as the retailers have spruced up stores and added more technology, he said.
Clubs have benefitted from an element of surprise, too. Along with selling bulk packs of paper towels and Keurig coffee pods, clubs have caught the attention of shoppers with items that tap into a desire for dupes or go viral on social media — such as Costco’s gold bars, which racked up more than $100 million in sales in a single quarter.
Along with the breakaway hit of gold bars, the many card-carrying members of Costco prompted an unusual message from the U.S. Transportation Security Administration this year. As the government agency phased in stricter requirements for ID cards, it announced across its social media accounts in June that Costco’s membership cards don’t count as a Real ID.

And Costco’s loyal fan following helped it to post strong sales — and attract support — despite some backlash for sticking by its diversity, equity and inclusion policies.
As they pick up newer and younger members, the warehouse clubs see more room for growth.
Sam’s Club earlier this year announced plans to open 15 clubs per year going forward, along with renovating its approximately 600 current clubs. It’s expanding its footprint again after shutting 63 locations across the country in 2018.
BJ’s plans to open 25 to 30 new clubs over the next two fiscal years. The smallest club player, which has historically had more locations on the East Coast, has broken into new markets like Texas by opening four locations in the Dallas-Fort Worth area.
And Costco has stuck with an aggressive expansion plan of opening about 30 clubs per year, with just over half of those in the U.S. and the rest in other parts of the globe, CFO Gary Millerchip told CNBC. In early August, Costco opened four clubs in three different countries: Quebec, Canada; North Guadalajara, Mexico; The Villages in Florida and Richland, Washington.
Costco is opening some of its new locations this year in existing markets where its clubs are crowded, Millerchip said.

Club retailers still face pressure, though, including an uncertain job market and tariffs. The companies have laid out strategies to reduce their hit from the duties: Costco leaders, for example, said on an earnings call that they diverted imported merchandise with high tariffs to their warehouse clubs in other parts of the world instead of the U.S.
Clubs’ rotating brands and treasure hunt approach could reduce their vulnerability to tariffs. While the retailers sell imported merchandise like furniture and clothing, the bulk of sales come from groceries, and the retailers could swap out or drop an item hit by high tariffs, Griffin said.
BJ’s will carry more holiday items this year from the U.S. or countries with lower tariff exposure, said Bill Werner, BJ’s executive vice president of strategy and development.
As retailers digest the long-term effects of tariffs, Costco will give the latest read on its business, and the club channel, when it reports earnings on Thursday.

Sushi dinners and speedier shopping

The desire for both convenience and cheaper food options has been a boon to warehouse clubs in recent years. Instead of ordering from a restaurant, customers have turned to club chains to deliver dinner.
Earlier this year, Sam’s Club’s rotisserie chicken, which costs $4.98, and its hot pizzas, which cost $8.98 apiece, joined the list of items that members can get dropped at their doors. And starting last year, the retailer began setting up sushi stations where chefs make fresh rolls, which start at around $8 for a roll, in front of customers each day. It recently made sushi available for curbside pickup and delivery, too.
Those are examples of the way that warehouse clubs — notoriously low-tech and low-frills — have flipped the script in the digital age.

Sam’s Club has added sushi stations to its stores where chefs make the rolls fresh. The sushi can also be delivered by same-day delivery to customers’ homes.
Courtesy of Sam’s Club

In the past, shoppers made a tradeoff for lower prices at clubs, Sam’s Club CFO Todd Sears said. They faced long lines, waited to get receipts checked at the store exit and navigated a maze of aisles when trying to find an item.
“Experience wasn’t a huge element of the club channel,” Sears said in an interview. “In fact, it was kind of billed as the experience might be a little bit worse, but you’re going to make up for it with value.”
Now, curbside pickup, home delivery and new store tech has made the shopping experience faster and more pleasant, he said.
“Someone coming home for work can pop in and get out within three minutes and have a meal for home,” Sears said, noting the company is seeing more frequent club visits instead of just huge stock-ups.
Sam’s Club, in particular, has used tech to stand out from competitors. Customers can skip the checkout line by using Scan & Go, a feature in the retailer’s app that allows shoppers to ring up their own items while browsing the aisles. About 40% of its transactions are through Scan & Go, Sears said.
It’s leaned on other tech, too, including automated floor scrubbers that free up employees’ time to help customers and high-tech archways at the exits that verify most purchases automatically instead of requiring an employee to manually check a receipt.
BJ’s, too, has capitalized on speedier digital options that appeal to busy families and younger shoppers. E-commerce sales at the club jumped 34% in the most recent quarter compared to the year-ago period. CEO Bob Eddy described the digital gains as a “generational unlock” that’s attracted busy families and younger shoppers.
Digital offerings have become a popular and lucrative part of BJ’s business, Werner said. Same-day delivery orders tend to be about 25% to 30% bigger baskets than in-club shops, he said. It charges a $15 fee for the deliveries, or members can pay $100 per year for unlimited same-day deliveries.
Still, Werner said BJ’s biggest selling point “comes back to value” with its pledge to undercut typical grocery store prices by roughly 25%. Food and household essentials like laundry detergent drive about 85% of its sales, he said.

At Costco, the largest club player by size and stock price, have more than doubled over the last decade. Yet digital sales, while growing, account for only a small part of its overall sales.
About 8% of Costco’s business comes from e-commerce, excluding third-party deliveries from Instacart and travel bookings, CEO Ron Vachris said on the company’s May earnings call.
Over half of members have downloaded Costco’s app, but its digital business is still in the early stages, Millerchip said on the company’s earnings call. He said as Costco will keep adding customer-friendly features, such as making it easier to search for items or save a credit card to speed up checkout.
“We still see it [e-commerce] as an area where we’d expect to outpace our overall growth,” he said on its earnings call.

A customer pushes a shopping cart towards the entrance of a BJ’s Wholesale Club Holdings Inc. location in Miami, Florida.
Scott McIntyre | Bloomberg | Getty Images

Younger shoppers, trendier brands

The retailers’ membership counts reflect how the U.S. has become a club nation.
Costco had nearly 80 million paid household members globally as of the end of its most recent quarter, which ended in mid-May. BJ’s, the smallest of the three club names, has grown to about 8 million members as of the most recently reported quarter, a 55% increase since it went public seven years ago.
Sam’s Club does not disclose its membership total, but its membership income grew nearly 8% in the U.S. in the most recent quarter. And its gains inspired the retailer to pledge this spring that it would double its membership over the next eight to 10 years.
Yet that growth is coming from a different kind of member. Along with soccer moms and big families, it’s drawn more Gen Z and millennial consumers. Those members include new homeowners, households without kids, and city dwellers who don’t have mortgages or abundant pantry space.
Sam’s Club’s fastest growing customer category is Gen Z and millennials, which have accounted for half of its membership growth for more than two years, Sears said.

Customers look over clothing items displayed on April 18, 2025 at a Costco branch in Niantic, Connecticut.
Robert Nickelsberg | Getty Images

Costco’s Millerchip told CNBC that its average age of members has fallen, and just under half of its new members that sign up each year are now under age 40. He said the club’s popularity during the Covid pandemic, the ease of digital sign-ups and increased social media attention on Costco all contributed to that trend.
Customers between the ages of 25 and 34 are the fastest growing spending segment of the club channel when it comes to merchandise outside of the grocery department, according to market research firm Circana.
That age group’s spending on general merchandise at clubs rose by 3% for January to July 2025 compared to the same period in the year prior, according to Circana, which tracks checkout data across retailers.
All three warehouse clubs have broadened their merchandise and bulked up digital options, particularly since the Covid pandemic, said Marshal Cohen, a chief industry advisor for Circana.
Along with lower-priced private label versions of items like olive oil and paper towels, clubs carry children’s clothing and back-to-school supplies, sell giftable items like jewelry and offer lower-priced health and wellness items like hearing aids, contact lenses and vitamins. That’s given shoppers more reasons to return to their stores and websites between stock-ups.
“They’re curating not only the brands better, but creating a better sense of adventure for the shopper,” he said.
Plus, he said the “great migration” of younger Americans during the pandemic from smaller apartments in cities to bigger homes in the suburbs or rural areas created a new customer base.
The improved merchandise at clubs has caught the attention and ire of competitors as well. Lululemon filed a lawsuit against Costco in late June, alleging that the company violated patents by selling lower-priced dupes of its athleisurewear including hoodies, jackets and pants.
Costco’s CFO Millerchip declined to comment on the lawsuit.
Clubs have drawn both young and more established brands that want to get picked up by the retailers.
Wellness brand Frida, best known for popular baby supplies like the NoseFrida, is exploring how its products could be packaged and sold in a club, founder and CEO Chelsea Hirschhorn said. She said the club channel has become more appealing as it moves away from generic products and adds more modern brands.
For some members, including Patrick Bannon, club retailers’ eye-catching assortment can be a danger to the wallet. The 29-year-old graduate student joined Costco about two years ago. At least every other month, he drives to a nearby Costco for a shopping trip — even though the drive can take 45 minutes in traffic and on weekend and evening visits, it can be tricky to “move your cart more than an inch without running into somebody.”
For Bannon, it takes creativity to squeeze bulk purchases into the cabinets, freezer and fridge space of the one-bedroom apartment in the Boston area that he rents with his girlfriend.
In his apartment, he has currently stashed away five different types of protein bars, two pounds of frozen vegetables, two one-gallon jugs of vegetable oil and three or four pounds of frozen chicken.
He signed up for Costco to buy cheaper groceries and staples like trash bags, but he’s wound up purchasing giant bags of snacks, a new brand of cold brew coffee and even khaki pants.
“You get to be a kid in the candy store again,” he said. “Except it’s not all candy.” More

President Donald Trump has suggested his administration should revoke the licenses of broadcast TV stations that he said are “against” him.
The threats are putting an in-the-weeds part of the media business front and center for consumers, and flexing the government’s power over a major part of the industry. 
Networks such as Disney’s ABC, Paramount Skydance’s CBS, Comcast Corp.’s NBC and Fox Corp.’s Fox must have over-the-air spectrum licenses in order to broadcast.

A sign is seen outside of the “Jimmy Kimmel Live!” show outside the El Capitan Entertainment Centre on Hollywood Boulevard, from where the show is broadcast in Hollywood, California on Sept. 18, 2025.
Frederic J. Brown | AFP | Getty Images

Disney’s decision this week to pull “Jimmy Kimmel Live!” from its broadcast network ABC is shining a light on a part of the media business over which the federal government has control. 
On Thursday, President Donald Trump suggested his administration should revoke the licenses of broadcast TV stations that he said are “against” him. Federal Communications Commission Chair Brendan Carr has made similar threats, including during a CNBC interview, also on Thursday.

It’s not the first time Trump or Carr has invoked the government’s power to pull a broadcast station license — putting an in-the-weeds part of the media business front and center for consumers, and flexing the government’s power over a major part of the industry. 

What’s a broadcast license?

Let’s start with the basics: Networks such as Disney’s ABC, Paramount Skydance’s CBS, Comcast Corp.’s NBC and Fox Corp.’s Fox are part of a system that requires them to obtain over-the-air spectrum licenses from the federal government in order to broadcast these household-name stations. 
That means free, over-the-air service to anyone with an antenna on their TV. 
Pay-TV networks such as CNN, MTV or FX, for example, are considered “over-the-top” and available for subscription fees. They’re often bundled together and distributed by companies such as Comcast, Charter Communications or DirecTV. 
Broadcasters such as ABC are known for programming that includes local news, live sports, prime-time sitcoms and dramas, as well as late-night shows such as “Jimmy Kimmel Live!”

Although the way consumers watch these programs has significantly changed from the days of using an antenna for free viewership — now they’re often viewed via pay-TV bundles, plus the content is frequently found on streaming platforms — the model has remained largely the same. 
Companies that own local broadcast TV stations, such as Nexstar Media Group and Sinclair, license spectrum — or the public airwaves — from the government, with the FCC in control. 
Through this public spectrum for radio and TV stations, the federal agency has the right to regulate broadcasting and requires each network “by law to operate its station in the ‘public interest, convenience and necessity.’ Generally, this means it must air programming that is responsive to the needs and problems of its local community of license,” according to the FCC website.

Can Trump and the FCC revoke licenses?

That definition of serving the “public interest” is what the FCC’s Carr has zeroed in on with conversations around revoking licenses. 
On Thursday, Carr told CNBC’s “Squawk on the Street” that comments by Kimmel, linking the suspect in the killing of conservative activist Charlie Kirk to Trump’s MAGA movement, were “not a joke,” and instead, he said, were “appearing to directly mislead the American public about … probably one of the most significant political events we’ve had in a long time.” 
When Trump has noted the government’s right to take away licenses — both this week and in the past — he has pointed to what he said is bias against him as president. 
“I have read someplace that the networks were 97% against me, again, 97% negative,” Trump said Thursday, referring to his 2024 election victory. 
“They give me only bad publicity, press. I mean, they’re getting a license,” Trump said. “I would think maybe their license should be taken away.” 

People protest at the El Capitan Entertainment Centre, where “Jimmy Kimmel Live!” was recorded for broadcast, following his suspension for remarks he made regarding Charlie Kirk’s assassination, on Hollywood Boulevard in Los Angeles, California, U.S. Sept. 18, 2025.
David Swanson | Reuters

In August, Trump accused networks ABC and NBC of being “two of the worst and most biased networks in history” and suggested revoking their broadcast licenses.
Carr earlier this year, freshly in his post as FCC chairman, reawakened complaints directed at ABC, NBC and CBS from the conservative organization the Center for American Rights. 
And in February, during a conversation at Semafor’s “Innovating to Restore Trust in News” summit in Washington, D.C., he suggested the agency would be looking closely at licenses. 
“If you’re going to have a license to be a broadcaster, it comes with something called ‘you have to serve the public interest.’ If you don’t want to do that, that’s OK,” Carr said during the summit. “I will give you the address of the FCC … you’re free to turn your license in and you can go podcast and you go over-the-top.” 

What happens if ABC or NBC loses its license? 

If the federal government deems a broadcast TV network isn’t acting in the public interest, it can revoke the license from the station’s owner, and the local station would effectively go dark in its market. 
The local networks can preempt the programming, meaning air something other than what the broader network is offering up. That would theoretically keep the stations in compliance if the FCC were to find the broadcast content unlawful. But it’s unclear where that line would fall. 
The process of revoking a license isn’t so simple, according to Roy Gutterman, a professor and expert on communications law and the First Amendment at Syracuse University’s Newhouse School.
“There’s a whole process before you can yank someone’s license,” Gutterman said, adding that the matter would be subject to an investigation and procedure — and would likely garner legal challenges. 
Typically, the discussion of whether a station violated the FCC’s guidelines centers around children’s programming, a cut to news content, or obscenity — such as Janet Jackson’s wardrobe malfunction during the Super Bowl in 2004.
Trump and his administration’s threats take a different tack.
“This is such an unprecedented issue,” Gutterman said. “Responsible use of the airwaves doesn’t mean having the political language [the government] doesn’t want on there … Responsible use isn’t a political issue.”

Pressure mounting

There’s another factor at play here: The government’s role in local TV consolidation.
On Wednesday, before ABC sidelined Kimmel, Nexstar announced its stations affiliated with ABC wouldn’t air the late night show and instead would preempt it “for the foreseeable future” due to the host’s statements. 
While Disney owns a portion of its ABC-affiliated networks, Nexstar, as well as Sinclair — which similarly said it would preempt the show — own the vast majority. Nexstar owns about 30 ABC-affiliated networks across the U.S., or 10% of the more than 200 stations Nexstar owns in total.
Nexstar is currently seeking government approval of a $6.2 billion deal to merge with fellow broadcast TV station owner Tegna, which would upend longstanding regulations for broadcast station owners. 
Sinclair has also said it’s looking to merge its broadcast TV station business with another competitor, although a deal has yet to be announced. 
While Nexstar and its peers have bulked up over the years through acquisitions, they’ve been subject to longstanding federal limits on the number of stations that these parent companies can own. 

On Tuesday, May 13, 2025 at North Javits in New York City, an incredible roster of all-star talent will tout their connections to storytelling, Disney, and each other while showcasing their latest projects for the upcoming year.
Michael Le Brecht | Disney General Entertainment Content | Getty Images

Following Trump’s election in November, leaders of the station owners — as well as other media businesses — saw an opening for further consolidation and deals. 
The FCC’s Carr has also publicly said in recent months that he would support getting rid of broadcast station ownership rules and caps, paving the way for such deals, which could help salvage a business model that’s being disrupted. 
With the rise of streaming, the pay-TV ecosystem has bled consumers, and broadcast TV networks and local affiliates have also felt the effects. 
While the stations are free to air, distributors such as Charter pay the broadcasters so-called retransmission fees, on a per-subscriber basis, for the right to carry the stations. These lucrative fees heavily buoy the profits of companies such as Nexstar, which means dwindling pay-TV customers cuts into broadcast profits. 
Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC. Versant would become the new parent company of CNBC under a planned spinoff. More

Health and Human Services Secretary Robert F. Kennedy Jr.’s hand-picked vaccine panel weakened Covid shot recommendations in the U.S., advising that all Americans consult a health-care provider before deciding whether to receive the vaccine.
The group also voted to emphasize that the Covid vaccine is beneficial for those at high risk of severe illness from the disease.
The vote comes after Kennedy appointed several vocal critics of mRNA Covid shots to the panel after ousting all previous members in June.

Members of the Advisory Committee on Immunization Practices listen to a presentation about Covid-19 during an ACIP meeting at the Centers for Disease Control and Prevention in Atlanta, Sept. 19, 2025.
Alyssa Pointer | Reuters

Health and Human Services Secretary Robert F. Kennedy Jr.’s hand-picked vaccine panel on Friday weakened Covid shot recommendations in the U.S., advising that all Americans consult a health-care provider before deciding whether to receive the vaccine.
The 12-member panel, called the Advisory Committee on Immunization Practices, or ACIP, recommended that people 6 months and up receive vaccines based on so-called “shared clinical decision-making,” which refers to a decision process between a health-care provider and a patient or their guardian. The group also voted to emphasize that for those under 65, the Covid vaccine is most beneficial for those at high risk of severe illness from the disease.

The guidance breaks from previous years, where the committee recommended that all Americans ages 6 months and up receive an updated Covid shot. 
While ACIP did not restrict the use of the Covid vaccine, the panel’s softer recommendation may further confuse Americans about whether to take a shot and make it more difficult for them to access one. ACIP sets recommendations on who should receive certain shots and which vaccines insurers must cover at no cost. 
The panel’s chair, Martin Kulldorff, said it was his understanding that the new recommendation means that government-run insurance plans will still cover Covid vaccines. But it’s unclear if all private health plans will maintain coverage of the shots.
The CDC, whose latest director was ousted by the Trump administration earlier this month, still has to adopt the panel’s recommendations. 
The vote is no surprise, as Kennedy appointed several vocal critics of mRNA Covid shots to the panel after ousting all previous members in June. During the meeting Friday, some members cast doubt on the safety and efficacy of Covid shots and mRNA technology, and questioned the reliability of data on hospitalization rates due to the virus.

Massachusetts Institute of Technology professor Retsef Levi speaks during an Advisory Committee on Immunization Practices meeting at the Centers for Disease Control and Prevention in Atlanta, Sept. 19, 2025.
Alyssa Pointer | Reuters

It also follows Kennedy’s other recent moves to change U.S. Covid vaccine policy, which have created new hurdles for some people to access vaccines, including prescription requirements in certain states. The CDC dropped Covid shot recommendations for healthy children and pregnant women, and the Food and Drug Administration approved new Covid jabs with limits on who can get them. 
The ability to get vaccines may vary by state: In a break from federal guidelines, four Democratic states on Wednesday recommended that broad swaths of the population receive an updated Covid shot, including “all who choose protection.” Still, the new recommendations could weaken vaccination rates against the virus and heighten the threat of the disease spreading. 
A study published Thursday in JAMA Network Open showed that sticking to a universal Covid vaccine recommendation in the U.S., the guidance that has been in place in recent years, has the potential to prevent thousands more hospitalizations and deaths than limiting the advisory to high-risk groups. 
Numerous studies have demonstrated that shots using mRNA technology, including Covid vaccines from Pfizer and Moderna, are safe and effective, and serious side effects have happened in extremely rare cases. One paper in August estimates that Covid vaccines saved more than 2 million lives, mostly among older adults, worldwide between 2020 and October 2024. 
In a statement Friday, Pfizer said the company and its partner BioNTech “remain steadfast in our dedication to vaccine safety, quality and effectiveness through constant safety monitoring and ongoing research.”
One major health insurance group on Wednesday said its member plans will cover all vaccines already recommended by ACIP, including updated Covid and flu shots, despite any changes the new slate of appointees makes this week. Member plans of the group, America’s Health Insurance Plans, collectively provide coverage and services to over 200 million Americans. That includes more than a dozen Blue Cross Blue Shield plans, Centene, CVS’ Aetna, Elevance Health, Humana, Kaiser Permanente, Molina, and Cigna.

Debating Covid vaccines

One ACIP member, Retsef Levi, a professor of operations management at the Massachusetts Institute of Technology, led a work group that reviewed data and proposed recommendations around Covid vaccines. Levi’s presentation on the group’s findings questioned the safety and efficacy of Covid shots and cast doubt on mRNA technology.
“We have a range of things on the mRNA platforms that really suggest that it doesn’t work as intended,” said Levi, who has previously pushed to stop giving mRNA shots.
He said the majority of the work group felt that individual decisions on whether to receive a Covid vaccine are “appropriate” and specifically, that people should now have to obtain prescriptions for the shot. “You get to a level of nuance” where some patients may have recent prior infections or different comorbidities that should be discussed with a physician as part of a prescription, Levi said. 
But one work group member, Dr. Henry Bernstein, said during another presentation that “shared clinical decision-making and a need for a prescription creates barriers” to Covid vaccine access. 
“Simple, stable recommendations can increase vaccine coverage,” said Bernstein, a professor of pediatrics at Zucker School of Medicine at Hofstra/Northwell. “Covid-19 vaccines are highly safe and effective.” He is not a member of Kennedy’s panel who votes on recommendations.
“Covid-19 vaccination matters for pregnant women, pediatric patients, especially those less than two years of age, people 65 years and older, those of any age with a weakened immune system, medical conditions, and anyone who feels they want protection for themselves or their families,” he said.  More

Walmart’s marketplace is a key part of its strategy to grow profit faster than sales and compete with Amazon, but a CNBC investigation uncovered new details about the risks the retailer is taking.
CNBC found dozens of third-party sellers who had stolen the identity of another business, and determined some of those sellers were listing counterfeit health and beauty products.
Read below to see our five key takeaways from the investigation.

Walmart’s online marketplace has become a key part of its strategy to grow profit faster than sales and better compete against its longtime rival, Amazon.
As the largest U.S. retailer with more than 4,600 locations nationwide, growing sales online is also critical for its future.

But a CNBC investigation found Walmart’s digital boom came as it made it easier for third-party sellers to join and sell on its marketplace, a strategy that has come with a cost.
Some consumers have received counterfeit, potentially dangerous products after shopping on the marketplace, CNBC found. The investigation also uncovered dozens of third-party sellers who had stolen the credentials of another business to set up an account, including some who were offering fake health and beauty items.
In the early days of Walmart’s online marketplace, former employees and sellers said it had strict policies for vetting third-party sellers and the products they offer. But over time, Walmart loosened those controls in a bid to woo sellers away from Amazon and appear more friendly than its rival, according to sellers, e-commerce consultants, and current and former employees. 
When asked for comment on CNBC’s reporting, Walmart said “trust and safety are non-negotiable for us.” 
“Counterfeiters are bad actors who target retail marketplaces across the world, and we are aggressive in our efforts to prevent and combat their deceptive behavior,” Walmart said. “We enforce a zero-tolerance policy for prohibited or noncompliant products and continue to invest in new tools and technologies to help ensure only trusted, legitimate items reach our customers.” 

CNBC’s investigation uncovered new details about Walmart’s strategy to grow its online marketplace and the risks it took to take market share from Amazon. 
Here are five takeaways from the investigation.

Stolen identities and product tests 

During CNBC’s investigation into Walmart’s marketplace, it found at least 43 third-party sellers who had used the identity of another business to set up their account. Some of these sellers were impersonating large, publicly traded companies such as Thermo Fisher Scientific and Rockwell Medical, while others were smaller, private businesses, such as a New York grocery chain and a Chicago pizzeria. 
CNBC purchased and tested six items for its investigation, all of them highly rated, deeply discounted beauty products offered by sellers that were impersonating legitimate businesses. All of them were fake, according to brands and lab testing. 

Walmart trailers sit in storage at a Walmart Distribution Center in Hurricane, Utah on May 30, 2024.
George Frey | AFP | Getty Images

Some of the companies that were being impersonated on Walmart.com told CNBC they had received mysterious packages at their homes or businesses that they later realized were customer returns. 
One of them, Lifeworks-ACS, received at least 14 returns and mailed them to CNBC for authentication. All of them were found to be counterfeit. 

Employee pressure 

During the Covid pandemic, Walmart’s marketplace boomed and the company gradually made it easier for sellers to join and list items on the platform, former employees said. 
One of those former employees, Tammie Jones, said when she first joined Walmart’s seller vetting team, the requirements to join the marketplace were strict. But she said over time, there was pressure from management to approve more sellers, even when she had concerns about the applicant’s credentials or documentation.
“It got to a point where they were just like, ‘You know what? Just go ahead and approve everybody,'” said Jones. “They wanted that business, so they were willing to take a chance on it.” 

Onboarding and product vetting 

The requirements to join Amazon’s and Walmart’s marketplaces are different. Amazon often makes sellers conduct a video interview with a company employee, while Walmart’s marketplace does not list a video interview as a requirement to join.
Over time, Walmart also made changes to the documentation it requires sellers to submit during the application process. In the past, applicants were required to provide their employer identification number and both a W-9 and EIN form, according to a video of Walmart’s application uploaded in February 2022.
As recently as late March, applicants still needed to provide their EIN, but they were no longer required to upload their W-9 and EIN form, according to a video of Walmart’s seller application posted to YouTube on March 31. 
At the time, the only document U.S. sellers were required to upload was a copy of their driver’s license or passport, according to the video. Additional IRS documentation was listed as “optional,” the video shows. 
There are also differences in the documentation Amazon and Walmart require from sellers about the products they want to list. On Amazon, some sellers are asked to provide invoices showing how they sourced their products, which includes proof they purchased between 10 and sometimes as many as 100 units. The Walmart sellers CNBC spoke to, who were interviewed before Walmart changed some aspects of its vetting process in July, said they were rarely, if ever, asked to provide details on how they sourced their goods. Those who were asked to submit documents said they often only needed to show an invoice for one unit and occasionally, answer a few questions about their supplier.
Providing an invoice that only shows one unit, compared with 10 or 100, makes it easier for people to resell stolen or counterfeit goods, experts said. 

Walmart’s changes

About three weeks after CNBC shared its reporting with Walmart, the company changed some of its marketplace vetting policies for beauty and personal-care products in late July.  
In an email Walmart sent to some sellers, the company announced new restrictions for the category and said it would start requiring certain sellers to participate in an “enhanced vetting program” for those kinds of items. The changes would address some of the issues raised in CNBC’s reporting. 
As part of the new program, some sellers would have to provide documentation for each personal-care or beauty item in their assortment, such as an invoice that demonstrates the product was sourced directly from a brand owner or manufacturer. 
Numerous beauty and personal-care listings were taken down from the platform after the change, some sellers said. 

Legal landscape 

The nature of online marketplaces makes it difficult to get rid of counterfeit goods entirely, partially because of a lack of regulation. While selling counterfeit goods is a crime, platforms face almost no liability for facilitating their sale, as long as they take down listings for fake goods after brands bring them to their attention. 
The Shop Safe Act, a bipartisan federal bill, is designed to curb the sale of fakes online by incentivizing platforms to better vet sellers and the products they’re offering. When platforms comply with certain anti-counterfeiting measures, they could be shielded from liability if a seller offers a fake product. 
Brands widely supported the legislation, but it has so far failed to pass at least three times, partially because Walmart and other online marketplaces like Amazon, Etsy and eBay have lobbied against aspects of it, two U.S. Senate aides, who spoke on the condition of anonymity because the discussions were private, told CNBC. The legislation is expected to be reintroduced in the current Congress, they said.
In the absence of more concrete policy changes, legal experts said the argument that certain platforms could be held responsible for the sale of harmful products like counterfeit body lotion or faulty fire alarms is gaining momentum, even if they were technically sold by a third party.  More

Health and Human Services Secretary Robert F. Kennedy Jr.’s hand-picked vaccine panel postponed a vote on whether to delay the first dose of the hepatitis B shot from birth to at least one month for most babies born in the U.S.
The decision means that the committee’s current recommendation – that all infants receive a hepatitis B vaccine within 24 hours of birth – will stay in place until the group meets again at a later date.
The panel, called the Advisory Committee on Immunization Practices, is considering whether to change a recommendation that was introduced in 1991 and is credited with virtually eliminating the disease in young kids. 

Catherine Stein, far right, speaks during a meeting of the CDC’s Advisory Committee on Immunization Practices on Sept. 18, 2025 in Chamblee, Georgia.
Elijah Nouvelage | Getty Images

Health and Human Services Secretary Robert F. Kennedy Jr.’s hand-picked vaccine panel on Friday postponed a vote on whether to delay the first dose of the hepatitis B shot from birth to at least one month for most babies born in the U.S.
The decision means that the committee’s current recommendation – that all infants receive a hepatitis B vaccine within 24 hours of birth – will stay in place until the group meets again at a later date. It’s unclear when the panel, called the Advisory Committee on Immunization Practices, or ACIP, will convene again to discuss the hepatitis B shot.

ACIP was considering whether to delay the first dose of the vaccine until at least one month of age for babies of women who test negative for hepatitis B. That would change a safe and highly effective birth dose recommendation that was introduced in 1991 and is credited with virtually eliminating the disease in young kids. 
Some advisors defended the birth dose recommendation during the meeting, saying that delaying it could introduce potential risks to babies, including more infections. But others, particularly those who are known vaccine critics, cast doubt on the safety of administering the vaccine to babies so soon.
Dr. Robert Malone, who gained notoriety for promoting Covid misinformation, brought the motion to postpone the vote.
“I believe that there’s enough ambiguity here and enough remaining discussion about safety, effectiveness and timing that I believe that a vote today would be premature,” Malone said.
All 12 members supported the motion. Dr. Cody Meissner, a professor of pediatrics at the Dartmouth Geisel School of Medicine, said, “I don’t think there’s any question whatsoever that the benefit [of the birth dose] far outweighs any adverse side effects.”

The postponed vote only affects the timing of the first dose of the hepatitis B vaccine series. The second would still be given one-to-two months after birth, with a third dose between six and 18 months of age. 
Also on Friday, the group voted to recommend hepatitis B testing for all pregnant women. The Centers for Disease Control and Prevention, whose most recent director was ousted by the Trump administration, has to sign off on the committee’s new and future recommendations.
The panel’s closely watched two-day meeting in Atlanta comes after Kennedy gutted the committee and appointed 12 new members, including some well-known vaccine critics. ACIP sets recommendations on who should receive certain shots and which vaccines insurers must cover at no cost, raising concerns among health experts that Kennedy’s reshaped panel could curb access to safe and effective immunizations.
The hepatitis B shot has been a life-saving public health intervention against the disease, which can lead to severe health problems, including liver cancer and failure, and death. Acute hepatitis B infections reported among children and teens dropped by 99% between 1990 and 2019, some studies said. The American Academy of Pediatrics says that the so-called birth dose is critical to reduce chronic hepatitis B later in life. 
On Thursday, advisors and other scientific experts clashed over the safety of the birth dose.
“I believe that this vaccine is absolutely critical for babies that are treated,” said member Retsef Levi, who has been vocal about his opposition to RNA vaccines. “But this notion that we sit here with very lousy evidence and argue there is no problem whatsoever [with administering the shot at birth] is not building trust, and it’s not scientific and it’s not what the public here should expect from us.”
But Meissner said that changing the recommendation will “increase the risk of harm based on no evidence of benefit.” He said there will be fewer children who get the full hepatitis B vaccine series, adding that administering the shot at birth in the hospital ensures that babies at least receive their first dose.
“As people have asked, why would we pick one month? Why two? There’s no evidence that it’s safer at a later time,” Meissner said. “It’s an extremely safe vaccine, a very pure vaccine. So I think we will be creating new doubts in the minds of the public that are not justified.”
Ahead of the vote, the American Medical Association strongly urged the panel to keep the birth dose recommendation in place. Other experts outside of the panel also expressed concern about changing the guidance.
“I have not seen any data that says that there is benefit to the infant of waiting a month but there are a number of potential harms to the incident of waiting a month,” said Dr. Adam Langer, a CDC epidemiologist who gave a presentation on the hepatitis B birth dose, ahead of the vote.
During his presentation, Langer said, “the sooner that the hepatitis B vaccine is provided after birth, the greater its effectiveness in preventing perinatal transmission.” That refers to when an infant becomes infected from its mother during birth.
Merck, which manufactures one of the vaccines used starting at birth, pushed back on the proposed recommendation ahead of the panel’s official vote on Thursday. 
“The reconsideration of the newborn Hepatitis B vaccination on the established schedule poses a grave risk to the health of children and to the public, which could lead to a resurgence of preventable infectious diseases,” Dr. Richard Haupt, Merck’s head of global medical and scientific affairs for vaccines and infectious diseases, said during the meeting. 
GSK manufactures another hepatitis B shot starting at birth. More

Walmart’s online marketplace has been on a meteoric rise, but a CNBC investigation found it fueled growth in part by making it easier for third-party sellers to join and sell on its platform.
Over time, Walmart made its seller and product vetting more lax in a bid to compete with Amazon, according to sellers and current and former employees.  
CNBC uncovered dozens of third-party sellers impersonating legitimate businesses, who were offering potentially dangerous counterfeit health and beauty products at steep discounts. 
In a statement to CNBC, Walmart said “trust and safety are non-negotiable for us” and it enforces “a zero-tolerance policy for prohibited or noncompliant products.”

When Mary May started buying from third-party sellers on Walmart’s online marketplace, she said she assumed the products she was purchasing were the same as the ones she’d long bought in stores. 
So in late March when she said she saw a “ridiculous sale” on her favorite Neuriva brain supplements on Walmart’s marketplace, she bought eight bottles for her and her sister.

But when some of the once-daily oral supplements arrived from a seller calling itself Lifeworks-ACS, the 59-year-old mother of three noticed there were misspellings on the bottle and the packaging looked different than it usually did. Weeks later, CNBC confirmed the supplements were counterfeit – and the seller had taken the identity of another business to sign up for the marketplace.
“Walmart betrayed me. …They let me purchase something that could have harmed me, my family,” May, who was refunded by Walmart for the fake products, told CNBC in an interview from her home in Pleasant Shade, Tennessee. “As a customer, I expect them to care about my well-being when I purchase something from them. Whether it’s from a third-party seller or not, it’s on Walmart’s website.” 

Walmart.com customer Mary May pictured at her home in Pleasant Shade, Tennessee.

May and other shoppers both loyal and new have turned to Walmart.com for better prices and a wider selection than they often get in stores, powering a new wave of sales for the largest U.S. retailer as it races to catch up with Amazon’s marketplace. Those customers helped Walmart’s U.S. digital business turn profitable this spring after years of losing money, an important milestone for a company that has said e-commerce is the key to increasing its future earnings.
But Walmart’s digital boom came as it made it easier for third-party sellers to join and sell on its marketplace, a strategy that has come with a cost, a CNBC investigation uncovered. 
Shoppers going to Walmart.com for deals on top brands are sometimes receiving counterfeit, potentially dangerous products instead, CNBC found. Third-party sellers on Walmart’s platform in certain cases aren’t who they say they are, as CNBC found at least 43 vendors who used the identity of another business to set up their account. Over time, Walmart made its seller and product vetting more lax than Amazon’s policies in a bid to woo sellers away from its rival, according to nine marketplace sellers and four current and former Walmart employees. 

“It’s very disturbing,” said Elaine Damo, the owner of Lifeworks-ACS, which provides services for children and adults with developmental disabilities.
“It’s a domino effect, and it trickles and affects everyone,” said Damo, who told CNBC she was sent returns from more than a dozen customers — including May — who had purchased counterfeits from the third-party seller that was impersonating her business. 

Counterfeit Neuriva Plus Brain Health and Immuno 150 supplements purchased from Walmart.com.

Reckitt, the maker of Neuriva, said it “immediately opened an investigation” after learning about the counterfeit supplements May bought and said “the health and safety of consumers is our top priority.” It said anyone who believes they may have bought a fake item should stop using it and contact the company’s customer care team.
Over the last five years, the number of sellers and items for sale on Walmart’s marketplace has exploded. The platform’s U.S. revenue grew 45% and 37%, respectively, in fiscal 2024 and fiscal 2025, Walmart has said. That expansion has fueled Walmart’s U.S. e-commerce business, which is second only to Amazon in online sales dollars, according to research from financial firm Mizuho. It’s nearing $100 billion in annual revenue and is on pace to represent 10% of all domestic online sales by 2026, Mizuho said. 
But that meteoric rise came partly from Walmart’s decision to accept some risks in the interest of growth, current and former employees said. 
Tammie Jones, who worked on Walmart’s seller vetting team from September 2023 to April 2024, said she was pressured to approve seller applications, even when she had concerns about the applicant’s credentials or documentation.
“It got to a point where they were just like, ‘You know what? Just go ahead and approve everybody,'” Jones said of her managers’ directives. “They wanted that business, so they were willing to take a chance on it.”
In a statement, Walmart said “trust and safety are non-negotiable for us.” 
“We’re unwavering in our commitment to delivering everyday low prices, a broad assortment, and innovative shopping experiences. Counterfeiters are bad actors who target retail marketplaces across the world, and we are aggressive in our efforts to prevent and combat their deceptive behavior,” Walmart said. “We enforce a zero-tolerance policy for prohibited or noncompliant products and continue to invest in new tools and technologies to help ensure only trusted, legitimate items reach our customers.” 
Counterfeits and fraud are endemic to third-party marketplaces. Amazon, among others, had trouble policing counterfeits as they grew. But Amazon has since tightened its vetting, according to interviews with sellers and e-commerce consultants. Meanwhile, it became easier for bad actors to join and sell on Walmart’s marketplace, CNBC’s investigation found. 

A misspelling on a bottle of counterfeit Neuriva Plus Brain Health supplements purchased from Walmart.com.
Adam Jeffery | CNBC

A misspelling on a bottle of counterfeit Immuno 150 supplements purchased from Walmart.com.

Walmart has required less documentation and vetting to sign up for its marketplace and had imposed fewer restrictions on the types of products people could sell than its main e-commerce rival, according to a review of Walmart’s and Amazon’s seller applications and interviews with sellers, former employees and e-commerce consultants.
“If you look at Walmart, they look more like a flea market than a trusted marketplace. It’s like the Wild West on their platform,” said Bob Barchiesi, the president of the International Anti-Counterfeiting Coalition, a non-profit that fights counterfeits and warns fake goods can pose serious health and safety risks. “You can’t try to sell trust from aisle five and then let counterfeiters in” online.
As part of its reporting, CNBC tested the authenticity of 20 items offered by third-party sellers that had stolen the identity of a real business. All of the products were determined to be counterfeit.

The 20 counterfeit products CNBC tested for its investigation.

Beyond the tests, CNBC reviewed hundreds of product listings and seller pages on the platform and reviewed hundreds of securities filings, earnings call transcripts and internal documents for its investigation. CNBC also interviewed more than 90 people, including third-party sellers on Walmart and Amazon, marketplace consultants, professors, members of law enforcement, and more than a dozen current and former Walmart employees. Some of those current and former staffers declined to be named because they said they could face termination or because they signed confidentiality agreements. 
CNBC also spoke with Walmart shoppers about their experiences. While some consumers know the risks of buying health and beauty products on online marketplaces, some said Walmart’s brand brings a different level of legitimacy than traditional platforms because it is a trusted brick-and-mortar retailer. Other shoppers told CNBC they weren’t even aware they were buying from third-party sellers when shopping on Walmart.com.
“I trust Walmart, I thought I was buying it from them,” said Aurora Aguilar, who bought skin-care products from a seller impersonating a legitimate business. “It’s their website.”

Product tests and stolen identities 

CNBC purchased and tested six items for its investigation, all of them highly rated, deeply discounted beauty products offered by sellers that were impersonating legitimate businesses. It also tested 14 more items that were purchased by Walmart shoppers and returned to Lifeworks-ACS, which sent them to CNBC. 

Arrows pointing outwards

Counterfeit beauty products CNBC purchased from Walmart.com
Christina Locopo | CNBC

In most cases, brands authenticated the products for CNBC. In other instances, lab testing conducted by scientists at St. John’s University determined whether products were fake by comparing them to an authentic product. 
These items are just a sample of the hundreds of millions of goods sold on the platform.
CNBC centered its investigation on beauty products and health supplements because they’re some of the most dangerous counterfeits on the market, often made with harmful ingredients that can make people sick, counterfeit experts said. The fact that consumers ingest them or rub them into their skin increases the safety risk, the experts said. 
Typically, marketplaces aren’t liable for the products their sellers offer. But legal experts said the argument that certain platforms could be held responsible for the sale of harmful products is gaining momentum.
In July, weeks after CNBC shared its reporting with Walmart, the company tightened vetting for some third-party sellers who list health and beauty products on its marketplace, according to emails sent to sellers that were reviewed by CNBC.
The fraudulent sellers uncovered by CNBC took credentials from a wide range of companies. Some purported to be large, publicly traded businesses, such as Thermo Fisher Scientific and Rockwell Medical. Others were smaller companies, including a California juice shop, Chicago pizza chain Dimo’s Pizza and the New York City grocery chain D’Agostino. 

Fraudulent Walmart seller accounts

Most of the sellers were offering high-end beauty products at as much as 91% off the typical retail price listed by the brand or one of its authorized partners. 
Representatives or owners of the companies that were being impersonated by sellers on Walmart.com all told CNBC they did not have marketplace accounts. They said details like names and addresses listed on publicly available documents were used without their consent. All of the accounts were eventually taken down. 
Dimitri Syrkin-Nikolau is the owner and founder of Dimo’s Pizza. He said he felt “powerless” as he waited for Walmart to take down the fraudulent page and was concerned about damage to his business’s reputation. 
“We spent 16-plus years building the reputation here in Chicago,” said Syrkin-Nikolau, adding it took weeks for the page to be removed. “To know that somebody could just take our name and sell whatever they would like on Walmart’s website where we have no control doesn’t feel good.” 

The cost of growth

Walmart, headquartered in Bentonville, Arkansas, has become a core part of tens of millions of Americans’ lives since its founding more than six decades ago. In its most recent fiscal year, it posted a staggering $681 billion in revenue. The discounter has more than 4,600 U.S. locations, and about 90% of the country’s population lives within 10 miles of a store. 
Still, even the largest U.S. retailer has to grow somewhere. At Walmart, that expansion is happening online. 

Through Walmart’s third-party marketplace, which fuels novel business like its Amazon Prime rival Walmart+ and its advertising platform Walmart Connect, the retailer can grow profit faster than sales, Walmart executives and Wall Street analysts have said. 
The platform also allows Walmart to increase its range of merchandise, which means more customers buying from its website.
“The more sellers that you have selling product, the more customers are going to come and take advantage of that marketplace,” CFO John David Rainey said at a conference in June. 
As Walmart scaled its marketplace, it positioned the platform as more seller-friendly than Amazon, the place to go to avoid its rival’s restrictions and policy changes, sellers and former Walmart employees said. 
Between 2019 and 2024, the number of sellers on Walmart’s marketplace grew more than 900%, according to estimates from Marketplace Pulse, which collects data on leading e-commerce platforms. The increase came as the company made the marketplace a core piece of its strategy, but also overlapped with a period when Amazon ramped up security controls on its platform, banned many sellers and became known as one of the strictest marketplaces to sell on, according to interviews with sellers and e-commerce consultants. 

As a result, some sellers sought refuge on Walmart.com during that period, telling CNBC there was less vetting and looser restrictions on the types of goods they could sell. Walmart rarely, if ever, asked them to provide details on how they sourced their goods, the sellers added. 
Some sellers, industry experts and former employees said the relatively lax controls made it easier for bad actors to join the platform and sell fake, stolen or dangerous products. 
“Walmart has evolved into kind of a dumping ground for all the banned Amazon sellers,” said Chris McCabe, who used to be a member of Amazon’s seller performance team and now runs the consultancy firm ecommerceChris, helping Amazon sellers reinstate suspended accounts. “Walmart doesn’t seem to have as robust a system of enforcement.”

Arrows pointing outwards

Customer returns of counterfeit products purchased from Walmart.com
Christina Locopo | CNBC

Walmart didn’t comment specifically on McCabe’s remarks. An Amazon spokesperson, when asked if the company has made its platform more strict for sellers, told CNBC that “we are proud of the progress we have made in preventing counterfeits within the Amazon store.” 
“This has required significant innovation and perseverance, and it would not be possible without the partnerships we have been able to build with brands, associations, policymakers, law enforcement, and others,” the Amazon spokesperson said.
Marketplace Pulse estimates Amazon had 21 times the number of sellers that Walmart had at the end of 2024. Given that scale, some brand owners have had more issues with fakes on Amazon’s platform than on Walmart’s, according to interviews with brand protection firms, e-commerce consultants and counterfeit experts. But Amazon has shown more of a willingness to address some of its problems, said Barchiesi, the president of the IACC.
When the IACC reached out to Walmart in November 2024 inviting the company to join its Marketplace Advisory Council, the retailer stopped responding and didn’t ultimately join the initiative, Barchiesi said. The program, which officially launched in May, brings together brands, payment processors and e-commerce platforms like Amazon, eBay and Alibaba to develop best practices and work to get fakes off of online marketplaces.

Bob Barchiesi, the president of the International Anti-Counterfeiting Coalition, pictured at the group’s headquarters in Washington, D.C.

In response, Walmart said it has a relationship with the IACC and has attended many of its conferences since 2019, where the retailer discussed marketplace safety with the organization and industry partners.
About a week after CNBC shared its reporting with Walmart and asked for a response, including to Barchiesi’s comments, the company reached out to the IACC to set up a meeting and later agreed to join the advisory council, the group said. 
Barchiesi later said the meeting, and the steps Walmart recently took to tighten vetting for some third-party sellers, are a “critical step forward.”

‘There’s a lot of money to be made in the gray market’

In the early days of Walmart’s marketplace, it had a stricter approach to combating counterfeits and a higher bar for approving sellers, former employees told CNBC. 
Seller vetting was considered more stringent than Amazon’s, and was so strict that ubiquitous computer maker Dell didn’t make the cut when it first applied, said Steve Grigory, who worked on the platform’s business development team between 2016 and 2019.  
“The trust and safety team rejected them because they weren’t good enough and I’m like, ‘What the hell are you talking about?'” said Grigory, who eventually got Dell onto the platform.
But then the Covid-19 pandemic hit the U.S. and Walmart’s online business surged. It soon became clear that the marketplace was Walmart’s next frontier.
In February 2020, Walmart’s then-CEO of U.S. e-commerce, Marc Lore, said the platform was growing, but there was still more work to do, including making “selling easier” for its vendors. 
The following year, it opened its door to Chinese sellers for the first time, according to Marketplace Pulse. By the end of 2021, overall vendors grew nearly 58% from the prior year.

“The biggest goal was just, let’s bring on a lot of sellers… [and] get as many products live as we could … to grow the platform and really compete with Amazon,” recalled one former employee who was involved with bringing sellers onto the marketplace at the time.  
To woo sellers away from Amazon, Walmart tried to be more “accommodating” than its rival, including by letting sellers list “certain higher-profile brands,” the former employee said. 
At the time, the only third-party seller allowed to offer Nike products was sports merchandise company Fanatics. Limiting Nike products to one seller reduced the risk of stolen, counterfeit or gray market items, or legitimate products sold outside of official channels. 
But early in the pandemic, senior Walmart staff realized Nike products were only bringing in a few hundred thousand dollars in revenue per year, the former employee said. If Walmart allowed a wider range of third-party sellers to list the brand’s items, staff reasoned it could generate millions and make the marketplace more competitive, according to the former employee. 

Arrows pointing outwards

Customer returns of counterfeit products purchased from Walmart.com
Christina Locopo | CNBC

Some argued allowing more third parties to sell Nike products would increase the risk of counterfeits, but management ultimately decided it was a manageable risk relative to the “size of the prize,” the former employee recalled. 
“There’s a lot of money to be made in the gray market,” the former employee said of management’s sentiment. “If we’re going to make [millions] in sales on these Nike products, the percentage of counterfeit from that is probably small enough that it’s net worth us doing this, even if we have to play whack-a-mole or refund some customers.” 

‘Approve, approve, approve’ 

As Walmart’s marketplace grew, adding sellers became a bigger priority and the company began to loosen its vetting and onboarding process, some former employees said.
By the time Jones joined Walmart’s seller vetting team in September 2023, she said she had a clear objective from management: “approve, approve, approve.”
The 54-year-old from Savannah, Georgia, had been with the company since November 2021. When Jones later joined the seller vetting team, she said she reviewed seller applications that didn’t pass the initial, automated process.
At first, she said she was required to examine the seller’s inventory, call the vendor to make sure they were who they said they were and ensure the business had been open for a certain period of time, among other checks.

Former Walmart employee Tammie Jones pictured at her home in Savannah, Georgia

“But then things changed,” she said in an interview with CNBC. If Jones could verify the seller’s phone number, business address and employer identification number, or EIN, she was told to approve the application, regardless of the inventory the person wanted to offer. 
Then, her managers stopped requiring her to call applicants, and she was told to ignore internal guidelines on how long the business had been open and other potential red flags, Jones said. 
By that point, Jones said she felt like she was approving an application that should’ve been denied most of the time.
“It was a red flag for me,” she said. “I wasn’t sure if something that I’m approving to be pushed through was going to be a product that could potentially harm someone, or if it was a product that was fake.”
Another person who worked in the department at the same time as Jones told CNBC that the team was told to stop doing inventory checks, but said they still felt like they were approving legitimate sellers most of the time.
Jones, who left Walmart in April 2024 for personal reasons including personal health issues and family matters, said she believes the lax approach she experienced is why CNBC found so many seller accounts that had used another business’ identity. 
In many cases, CNBC identified vendors who weren’t who they said they were through a Google search and phone call, which sometimes took just a few minutes.

When CNBC notified the companies that their identities had been stolen, some said they had received mysterious packages at their homes or businesses that they later realized were customer returns.
“I got packages showing up at my shop, perfumes and stuff. I was like, ‘Why am I getting these things?'” said Ed Stuart, whose Cambridge, Massachusetts, business European Country Antiques was used to set up a fraudulent marketplace account. “I tossed them all because there was no one to send them back to.”

Customer returns Ed Stuart received at his business, European Country Antiques, in Cambridge, Massachusetts after his business credentials were used to set up a fraudulent seller account on Walmart.com.
Ed Stuart | CNBC

Once the business owners identified by CNBC learned their information had been stolen, many of them contacted Walmart customer support to have the pages taken down. In some cases, product listings from those fraudulent sellers were removed soon after they were reported. But in others, products were still available weeks later. Even in cases where item listings were removed, many of the seller pages were still live for weeks or months after they were reported.
Nichole Magill, the owner of Florida-based Pint Sized Ice Creams, said her home address, which she used in her corporate registration documents, and her business name were stolen to set up a Walmart marketplace account.
Magill said that when she called Walmart to report it, she was transferred four times and then told she needed to send a “legal letter” to an office in California for it to be taken down. The page was eventually removed, but it’s unclear when. 

Dimitri Syrkin-Nikolau speaks to CNBC at his Chicago pizzeria Dimo’s Pizza.

Syrkin-Nikolau, the owner of Dimo’s Pizza, said Walmart’s fraud department “seemed incredibly receptive” when he reached out in mid-March to notify them about the scam account. But around three weeks later, CNBC reviewed the seller page and found the account was still advertising luxury beauty products at more than 90% off their typical retail price and still using Dimo’s business information. It was eventually taken down.
“Who’d be buying an Estee Lauder skin cream from Dimo’s Pizza?” said Syrkin-Nikolau. “It’s absolutely a fake account.” 
When CNBC shared information about the scam businesses with Barchiesi from the IACC, he said the sellers would be “automatic red flags” in any marketplace “that has minimal standards of knowing their customer,” referencing a term platforms use when vetting third-party sellers.  
“It’s easier to keep people off the marketplace if you do the proper vetting,” said Barchiesi. “Once they get into the system, it’s much more difficult, right? Because now the consumer’s exposed.” 
CNBC sent Walmart more than a dozen questions about its vetting processes, but the company declined to answer many of them. A spokesperson told CNBC the company would provide additional information about its seller and product vetting processes on the condition that CNBC not report it publicly, citing concerns that it could compromise its trust and safety systems. CNBC declined to accept information it could not report. 
Walmart provided a general statement to CNBC about its commitment to trust and safety. It also issued a news release the day before CNBC’s reporting deadline titled: “Building Trust, Powering Progress: Walmart’s Vision for a Safer Marketplace.”

Arrows pointing outwards

Customer returns of counterfeit products purchased from Walmart.com
Christina Locopo | CNBC

In the release, the company said it operates a “multi-layered enforcement system” that includes seller vetting, restrictions on who can sell in certain categories and the use of artificial intelligence to help monitor product listings for policy compliance and intellectual property infringement. It said it proactively takes down listings that violate policies, removes sellers from the platform “when necessary” and enables “rapid response capabilities” that enable its trust and safety team to “investigate and address violations quickly.” It said it also has brand protection tools for intellectual property owners.
“While counterfeits are estimated to represent a tiny minority of the products sold on marketplaces, it is an issue that plagues all retail marketplaces,” Walmart said in its release. “These fraudulent sellers — who grow savvier, faking credentials and dodging enforcement — erode trust, not just in the companies who run these marketplaces, but in the thousands of large and small sellers who act with integrity and seek only to bring value and assortment to those who shop with us.”

The ‘Wild West’ of marketplaces 

When Paul joined Walmart’s marketplace to resell toys, supplements, and other health and household items, he was relieved to find how “lenient” it was, he told CNBC in an interview before the July changes. A longtime Amazon seller, Paul spoke on the condition of anonymity and was identified by a pseudonym because he was concerned he would suffer reprisal from Amazon or Walmart, such as additional scrutiny. He told CNBC he had become disillusioned with Amazon after seeing how difficult it had become to resell popular products. 
For example, when he tried to get approval to sell products on Amazon from brands like Lululemon or Nike, he said he needed an official invoice from an authorized distributor that showed he’d purchased 10 or, sometimes, as many as 100 units. 
Meanwhile, at Walmart, he said he only needed to provide documentation showing he’d purchased one. Paul acknowledged to CNBC that he often buys one item directly from the company to ensure he gets approval, then sources the rest of his inventory through other channels. When asked for further details, Paul declined to share.
“It’s more of a Wild West compared to Amazon,” said Paul. “So it’s a breath of fresh air for somebody like me.”

Arrows pointing outwards

Customer returns of counterfeit products purchased from Walmart.com
Christina Locopo | CNBC

CNBC spoke with eight people who have resold goods from household brands on Walmart’s marketplace. Most said they’d never been asked to provide invoices proving how they sourced their products in order to list them for sale. Some of the sellers who said they were asked to submit documentation said they often only needed to show an invoice for one unit and occasionally, answer a few questions about their supplier.
Providing an invoice that only shows one unit, compared with 10 or 100, makes it easier for people to resell stolen or counterfeit goods, experts said. They would only need to buy one item directly from the brand to get permission to sell it on Walmart, which is cheaper and easier to do than having to buy multiple items. It’s unclear if Walmart’s policy on invoices changed after it tightened vetting for some third-party sellers in July. 
All of the sellers who spoke to CNBC, who were interviewed before the July changes, said there were fewer restrictions at Walmart than on Amazon for most of the popular consumer goods they tried to sell. 
Chris Grant, who’s been an Amazon vendor for around 12 years and creates courses on how to sell on the platform, said sellers viewed Walmart as “the place to take things you can’t sell on Amazon.” He called it a “shiny object” and “the promised land” for disillusioned Amazon sellers. 
Given Amazon’s size and its success in getting brands to sell directly on the platform, it’s gotten harder for third-party vendors to offer certain branded goods, sellers and e-commerce consultants said. 

Kranthi Gattu, a doctoral student in industrial pharmacy at St. John’s University, tests a counterfeit beauty product purchased from Walmart.com for CNBC.

In response, Amazon said third-party sellers are “thriving” on its platform and more than 60% of sales are from independent sellers, which are primarily small and medium-sized businesses.
Beyond product verification, there are clear differences in the ways that Amazon, Walmart and fellow legacy retailer Target currently vet and onboard marketplace sellers on their respective platforms.
On Amazon, sellers have to provide documents to prove their address, such as a bank or credit card statement, according to its application. Applicants must then either take a photo of their face and government-issued ID or conduct a video interview with an Amazon employee where they’re required to hold up their ID, show their proof of address and answer questions about their business, according to its application, sellers and e-commerce consultants. 

A counterfeit Sol de Janeiro Brazilian Bum Bum Cream (left) purchased from Walmart.com, compared to an authentic version purchased from Sephora (right)
Adam Jeffery | CNBC

On Target’s marketplace, sellers can only join by invitation. To be considered, applicants must be able to provide a U.S. business address, a W-9, an EIN and answer a wide range of questions about their assortment, according to its online application.
In March, Target Chief Guest Experience Officer Cara Sylvester said the company’s strict approach is the “right strategy” and added it hasn’t prevented growth. 
“We believe the trust consumers have for the Target brand is a real competitive advantage and that trust should extend to our marketplace offerings, too,” she said.
In the past, seller applicants for Walmart’s marketplace were required to provide their EIN and upload both a W-9 and EIN form, key business verification documents that experts say are an extra layer of security, according to a video of Walmart’s application uploaded in February 2022 by Helium 10, a software company for marketplace sellers. 

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Christina Locopo | CNBC

As recently as late March, applicants still needed to provide their EIN, but they were no longer required to upload their W-9 and EIN form that shows the number, according to a video of Walmart’s seller application posted to YouTube on March 31 by an independent seller advisor. 

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Christina Locopo | CNBC

At the time, the only document U.S. sellers were required to upload as part of the business verification process was a copy of their driver’s license or passport, according to the video. 
Applicants could include additional IRS documents to improve their wait time and chances of being verified, but it was listed as “optional,” the video shows. 
In July, after CNBC shared its reporting with Walmart, the company said U.S.-based sellers are “required to upload” EIN documents, not just the number itself. When pressed on CNBC’s reporting that found the forms were optional, and asked when it started requiring them, Walmart said it initially verifies EINs through government and third-party systems to ensure they match the business listing.
“If the initial checks aren’t successful, sellers are asked to submit additional documentation… for further verification,” the company said. “Sellers who can’t provide the required documentation aren’t permitted to sell on Walmart Marketplace.”
A video interview is not listed as a requirement to join Walmart’s marketplace. 

Big bets on beauty

As the number of sellers on Walmart’s marketplace grew, so did the range of products it offered. 

Last summer, Walmart announced it would add premium beauty products and expand its range of collectibles and preowned items to its marketplace to boost its assortment and draw more customers. Three months later, when Walmart reported earnings, it said the number of items on the platform had exploded – growing to nearly 700 million, a 67% increase from May.

Walmart’s marketplace now offers a wide range of products that shoppers wouldn’t typically associate with the discounter. Customers shopping for Great Value toilet paper or baking powder can also purchase preowned Rolexes or Louis Vuitton bags for thousands of dollars.
They can also buy thousands of skin-care products, cosmetics and perfumes from popular premium brands including Clinique, Lancome, Estee Lauder and Shiseido.

A counterfeit Estee Lauder Advanced Night Repair Serum (right) purchased from Walmart.com, compared to an authentic version purchased from Nordstrom (left)
Adam Jeffery | CNBC

Many of those products have been offered at steep discounts, which experts say is a common red flag associated with counterfeits. 
At first glance, many of the premium beauty products are highly rated, which can assure consumers the item is safe to buy. But a closer look shows some of the reviews are worse than they seem.
In February, CNBC analyzed reviews from some popular skincare products, including Sol de Janeiro’s Brazilian Bum Bum Cream, which has become popular with tweens. 
At the time, the product listing, which displays reviews for all sellers that have offered the item, had 4.6 out of five stars resulting from 2,526 ratings and 1,552 reviews. However, only 246 reviews came from customers who Walmart had verified purchased the item from its platform. Among those, 118, or 48%, were one star.
An analysis of the one-star reviews showed 90% alleged the product was not genuine.
“FAKE! Don’t waste your money,” one person wrote in March. “This is not an authentic product and Walmart should be ashamed for selling counterfeit products on their site.” 
CNBC analyzed ratings for eight other beauty products and found a similar trend. 
“My daughter bought these at Sephora before. We ran out and saw these were a good price and decided to purchase,” one person wrote in a review for Glow Recipe’s Watermelon Glow Niacinamide Dew Drops. “She broke out in hives each time she used the drops.”

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Christina Locopo | CNBC

In response to questions about negative feedback on product listings, Walmart said complaints from consumers are flagged and reviewed and the company takes action “as appropriate.” 
The company added if a customer isn’t satisfied with a purchase “for any reason,” they can use Walmart’s return policy, which is designed to correct the issue “quickly and easily.” 
About three weeks after CNBC shared its reporting with Walmart, the company made major changes to its marketplace vetting policies for beauty and personal-care products. It sent an email to some sellers announcing new restrictions for the category and said it would start requiring certain sellers to participate in an “enhanced vetting program” for those kinds of items, according to emails sent to sellers that were reviewed by CNBC. The changes would address some of the issues raised in CNBC’s reporting. 

A counterfeit Lancome Absolue Rich Cream (left) purchased from Walmart.com, compared to an authentic version purchased from Nordstrom (right)
Adam Jeffery | CNBC

As part of the new program, some sellers would have to provide documentation for each personal-care or beauty item in their assortment. The documents include an invoice that demonstrates the product was sourced directly from a brand owner or manufacturer, or a letter of authorization from the brand owner that stated the seller was allowed to offer the product. It was unclear from the email which sellers would be required to participate in the enhanced vetting program. Walmart declined to provide additional detail about the changes and the factors that drove them. 
“We continually enhance our marketplace policies and regularly remove items that violate our policies,” it said in response. “If we discover that a seller’s items have been removed in error, we proactively work with the seller to quickly restore their listings.”
Numerous beauty and personal-care listings were taken down from the platform after the change, some sellers said. 

Evolving legal landscape 

The nature of online marketplaces makes it difficult to eradicate counterfeit goods. In the last two years, 50% of counterfeit items were bought from sellers on U.S.-based marketplaces, according to a study conducted by market research firm OnePoll and brand protection platform Red Points.
Part of the issue is a lack of regulation. While selling counterfeit goods is a crime, platforms face almost no liability for facilitating their sale, as long as they take down listings for fake goods after brands bring them to their attention. That’s largely because of a 2010 court ruling that arose after Tiffany sued eBay over counterfeit products on the platform. 
The court decided that eBay wasn’t liable, even if it had general knowledge that fake Tiffany products were being sold on its site, primarily because it had promptly removed infringing listings that Tiffany had reported to the platform.
Kari Kammel, the director of the Center for Anti-Counterfeiting and Product Protection at Michigan State University, said the ruling made it so marketplaces are “essentially immunized” from being held responsible for bad actors selling on their platforms. 
“They are not required to proactively vet products that are going up or to proactively screen all of their postings and all of their listings, or to even take consumer complaints about counterfeits,” said Kammel.
Ever since, the ruling has put the onus on retailers and brands to police online marketplaces themselves, conduct test buys to find counterfeit products and submit requests to have the items taken down. It’s a long and costly process that can lead to a game of whack-a-mole, where as soon as companies remove one infringing listing, another crops up, starting the process all over again. 

A misspelling on the packaging of a counterfeit Estee Lauder serum purchased from Walmart.com.
Adam Jeffery | CNBC

Some critics of the ruling say it might have made sense in 2010, but the precedent doesn’t take into account how modern marketplaces have developed and the technology they now have at their disposal. 
Proponents of the ruling say that without it, marketplaces could be forced to police every listing, making it harder for them to run their platforms, which could limit consumer options for online shopping. 
The first major piece of legislation to regulate online marketplaces, the Inform Consumers Act, took effect in June 2023 and requires online platforms to collect, verify and disclose certain information about some third-party sellers. The statute is relatively new, so it’s unclear to what extent platforms could be held liable for gaps in vetting and verifying their sellers. 
The Shop Safe Act, a bipartisan federal bill that aims to curb the sale of fakes on online marketplaces, takes the Inform Act a step further. It’s designed to address some of the issues posed by the Tiffany vs. eBay ruling by incentivizing platforms to better vet sellers and the products they’re offering. When platforms comply with certain anti-counterfeiting measures, they could be shielded from liability if a seller offers a fake product. 
Brands widely supported the legislation, but it has so far failed to pass at least three times, most recently in the last Congress. That’s partially because Walmart and other online marketplaces like Amazon, Etsy and eBay have lobbied against aspects of it, two U.S. Senate aides, who spoke on the condition of anonymity because the discussions were private, told CNBC. 
“They generally would just rather not have to do any of these things, right? Like the status quo is pretty good for them,” one aide said. 
The aides cautioned that the platforms aren’t outright against the bill and have been engaging with congressional staff on it. The legislation is expected to be reintroduced in the current Congress, they said.
Walmart and Amazon did not respond to CNBC’s questions about their lobbying activities around the bill. They also didn’t share their positions on the legislation.

A misspelling on the packaging of a counterfeit Kiehl’s serum purchased from Walmart.com.
Adam Jeffery | CNBC

As brands and consumers await more concrete policy changes, legal experts said the argument that certain platforms could be held responsible for the sale of harmful products like counterfeit body lotion or faulty fire alarms is gaining momentum, even if they were technically sold by a third party. 
In the early days of online marketplaces, the courts routinely agreed that when a consumer was harmed by something they bought from a third-party seller, that vendor was liable, not the platform, because it was simply a conduit connecting buyers and sellers and it didn’t actually own the product. However, that’s started to change over the last few years after Amazon lost a number of cases involving harmful products sold by third-party sellers on its platform, legal experts told CNBC. 
In those cases, the courts considered the control Amazon has over the sale process, and the tendency for consumers to be confused over who’s responsible if they receive a harmful product. For those reasons, it’s become harder for the company to argue that it isn’t liable when something goes awry, said Aaron Twerski and Edward Janger, professors at Brooklyn Law School who’ve studied online marketplaces.
That same confusion can arise for Walmart.com because shoppers know and trust its physical stores, Twerski and Janger said. Consumers could be confused when shopping on its website, unsure if they’re buying from America’s trusted retail behemoth or an anonymous third-party seller.
“If Amazon should be liable, Walmart should be liable,” said Twerski. “Walmart is a stronger case for them being a seller than even Amazon, and Amazon is an extremely strong case for them being a seller.”
For that reason, taking a more lax approach to seller and product vetting could actually help Walmart’s argument that it’s not liable, said Mark Geistfeld, an expert in product liability and tort law and a professor of law at New York University. 
“If they want to avoid getting into the Amazon space of liability, then maybe they should take a more hands-off approach,” Geistfeld said. “They’re trying to maximize profit, so you have to assume that their decisions are directed along those lines. What’s the way we can make the most amount of money at the least amount of cost?”  More

Online marketplaces are one of the top destinations for all types of popular consumer goods, but experts say the risk of buying a counterfeit product is higher than at traditional retailers or brands.
To stay safe while shopping online, experts say consumers should research the seller offering the product, consider its price and examine the packaging it comes in.
For items that consumers ingest or put on their bodies, experts recommend only buying from the brand or one of its authorized distributors to avoid ending up with a dangerous fake.

As more consumers prioritize convenience and value over brand loyalty, experts say they’re turning to online marketplaces more than ever to buy the things they need, raising the risk they could inadvertently purchase a fake product.
While fake goods have exchanged hands in informal markets since ancient times, the growth of online marketplaces has contributed to the rise in counterfeits because of how easy online shopping and selling have become. A CNBC investigation of Walmart’s marketplace published Friday uncovered dozens of third-party sellers who had stolen the identity of another business, and some of them were offering fake health and beauty products.

After CNBC shared its reporting with Walmart, the company began tightening its vetting process for some products and sellers and said it has a “zero-tolerance policy for prohibited or noncompliant products.”

Serene Lee | SOPA Images | Lightrocket | Getty Images

Between 2020 and 2024, e-commerce as a percentage of overall U.S. retail sales reached record highs, and goods seized for intellectual property violations more than doubled during that general time period, according to U.S. Customs and Border Protection.
When shopping on online marketplaces, consumers need to be “very careful” to avoid inadvertently purchasing fakes, said Megan Carpenter, the dean and professor of intellectual property law at the University of New Hampshire’s Franklin Pierce School of Law.
“You’re purchasing from sellers, distributors, manufacturers that are all over the world with the push of a button,” said Carpenter, who previously practiced intellectual property law. “Sometimes you hear the phrase, ‘buy cheap, buy twice,’ but there are also big safety and danger issues” that come from purchasing fakes online, she said. 
Counterfeit products have been endemic to third-party marketplaces for as long as they have existed, but it is difficult to quantify just how common they are. While longtime marketplace operators have made numerous policy changes over the years to crack down on fakes, the nature of the platforms makes it difficult to eradicate counterfeits altogether. Amazon said it has taken steps to address fakes on its platform, and is “proud of the progress” it has made in preventing counterfeits. Walmart added in its statement to CNBC that customers who are not satisfied with an item can return it for a full refund.

To ensure consumers are getting the real thing, here are a few guidelines experts said people should follow when shopping on online marketplaces. 

Research the seller 

Plenty of brands sell their products directly to consumers through online marketplaces. If the company that makes the item is the one that’s also selling it, experts said that’s always a consumer’s best bet when shopping on online platforms.
If the seller offering the item is not the brand, consumers should research the business to make sure it is legitimate.
In the past, the name or business information of a third-party seller offering a product wasn’t always clear. But the Inform Consumers Act, a law that took effect in 2023, now requires platforms to publish that information for certain sellers. 
When shopping on marketplaces like Walmart and Amazon, consumers can see the name of the seller offering the product on the right-hand side of the page. When they click the business name, they can typically see more information, such as its address, phone number and some information about what it does. 

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Christina Locopo | CNBC

The seller’s page will offer a host of clues to consumers. Shoppers can typically see where the business is based, go over its catalog of items and read the reviews it has received. If other shoppers have left reviews saying the business sold fake products, that’s a good sign that consumers should find another seller or other place to purchase the goods. 
Shoppers should also check the address of the business. For example, if the seller is offering beauty products and the address either doesn’t exist or goes back to a car repair shop, that’s a red flag. 
The name of the business matters, too, said Kari Kammel, the director of the Center for Anti-Counterfeiting and Product Protection at Michigan State University.
“For example, if you’re buying toys online, and the seller is called, you know, cheap kitchen utensils shop, there’s a discrepancy there, right?” she said. “So it can be a red flag.”
If it’s not immediately obvious if the brand is selling the item, a quick Google search will typically reveal whether the marketplace seller is an authorized distributor of the product. Many brands publish information about resellers on their websites. 
When shopping for health and beauty items, the kinds of products that go in or on someone’s body, consumers should only buy directly from the brand or one of its authorized distributors to make sure they are getting genuine products, experts said.
“With any of these counterfeits, you’re gambling, right? You may get one that doesn’t cause any harm, but maybe it just won’t last as long, if you’re lucky,” said Kammel. “On the flip side, you may get something that just totally fails in what would be a normal quality or safety inspection from a legitimate company, and can cause serious harm.”
Plenty of the stuff sold on online marketplaces is considered first party, meaning the platform owns and distributes the products themselves on a wholesale basis. If consumers see “sold and shipped by Amazon” or “sold and shipped by Walmart” they can feel comfortable purchasing the item, regardless of the category, experts said.

Question the price 

When shopping on online marketplaces, consumers should keep in mind the old adage: “If it looks too good to be true, it probably is.” 
If a shopper sees a luxury beauty cream that’s being sold at a 91% discount from its typical retail price, as CNBC found during its investigation into Walmart’s marketplace, that’s a major red flag that the item could be counterfeit. 
“One of the strongest hooks to get people to buy these counterfeit products, of course, is price,” said Saleem Alhabash, the associate director of research at Michigan State’s Center for Anti-Counterfeiting and Product Protection. “Making it sound like it’s too good of a deal to pass along.”
Sometimes, the products that third-party sellers are offering are discounted because they were purchased from liquidators or during a promotion directly from a retailer or brand. In those cases, the price reduction will usually be more modest and the item’s cost will be closer to the typical selling price, experts said. 
Still, counterfeiters are getting more savvy and are using market data to price their products, Alhabash said. Sometimes, fake goods can be priced nearly identically to the typical selling cost, he said.

Packaging 

When consumers buy from third-party sellers on online marketplaces and still aren’t sure if they’ve purchased a legitimate item, the product’s packaging can also offer clues once it arrives. 
“Take a second to just look at it and see if it looks right,” said Kammel. “If they get it, and it’s a product they’ve used before and they still have the old packaging of the product, just do a quick side by side.” 

A misspelling on a bottle of counterfeit Immuno 150 supplements purchased from Walmart.com.

Sometimes, packaging could look different because the manufacturer changed it. In other cases, red flags like typos on the box could indicate the product is counterfeit. If the brand hasn’t changed the packaging, check to see if the design and size of the packaging is the same as what’s sold in stores. 
When in doubt, consumers can always call the brand to make sure. 

What to do if you buy a fake product 

If a shopper buys something they believe is fake, they should stop using it immediately and report it to the platform they purchased it from, said Kammel. Here are a few other steps Kammel said shoppers should take: 

If you’re having a physical reaction to the product, seek medical attention to avoid further harm.
Try reporting it to a government office for investigation, such as the state attorney general or the FBI’s Internet Crime Complaint Center.
Document the seller’s information, including their name, business address and phone number.
Log other evidence, including the transaction receipt, the link to the listing, and pictures of the packaging and the product.
Consider reporting it to the brand to let them know what happened. More

Versant, Comcast’s spinoff of the majority of its NBCUniversal cable network portfolio, is gearing up to go public.
Versant’s revenue has been on the decline in recent years.
The new entity will trade on the Nasdaq under the ticker “VSNT” after the separation.

Versant, Comcast’s spinoff of the majority of its NBCUniversal cable network portfolio, is gearing up to go public.
The new entity will trade on the Nasdaq under the ticker “VSNT” after the separation, according to a filing with the U.S. Securities and Exchange Commission on Thursday. Investors also became privy to more of Versant’s financials.

According to the filing, Versant’s revenue has been on the decline in recent years. Last year, the assets housed under Versant generated $7 billion in revenue. That’s down from $7.4 billion in 2023 and $7.8 billion in 2022.
Net income attributable to Versant was $1.4 billion last year, down from $1.5 billion in 2023 and $1.8 billion in 2022.
Cable networks and traditional media companies have faced financial pressures as viewers have migrated from the traditional pay TV bundle to streaming platforms, diminishing ad spending within the market.
Comcast’s decision to put the likes of USA, CNBC, MSNBC, Oxygen, E!, SYFY and Golf Channel into a new company was to isolate the declining cable business from the more profitable internet and streaming services. Versant could then be solely focused on how to evolve its brands to compete in a streaming-dominated media landscape.
Thursday’s filing detailed that about 65 million households get some form of cable.
Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC. Versant would become the new parent company of CNBC upon Comcast’s planned spinoff of Versant.

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