£515 million designer counterfeiting ring unearthed Chinese and American authorities have collaborated to bring down a counterfeiting operation in China that was said to be worth a huge £515 million thanks to its production of fake Louis Vuitton, Hermès and Coach handbags. China's Ministry of Public Security has confirmed that 20,000 copies of handbags by the likes of Louis Vuitton, Coach and Hermès were seized from 37 different sites in China's southern Guangdong province, along with machinery and enough raw materials to construct an additional 50,000 bags, reports WWD . The total worth of the goods seized - including the unsold bags, production equipment and bank accounts - is estimated to be £515 million ($820 million). READ: Hermès employees found to be in on counterfeit ring Working together, the U.S. and Chinese authorities arrested 73 people involved in the manufacture and selling of the counterfeit bags, identifying Jun Qian as the "kingpin" of the operation. Qian, who claimed he turned to counterfeiting in 2009 when his leather goods business hit hard times, reportedly admitted to the production of 960,000 counterfeit handbags intended for sale in the U.S. and Middle East. Talking of the sting, Bob Barchiesi, president of the International Anticounterfeiting Coalition, called China "the counterfeit workshop of the world." "It is still rampant and much more challenging now because the counterfeiters have changed the way they have done business on the Internet and with virtual warehouses, shipping many more and smaller shipments to the U.S., which makes it more difficult for Customs officials to intercept the shipments," he said. READ: Coach awarded £28.3 million in counterfeiting case Although Louis Vuitton and Hermès declined to comment, Coach say that they are "extremely pleased" with the results of the investigation. The illegal activity of counterfeiting is a serious problem, which Coach works hard to deter. Actions taken by governments such as China and the United States provide invaluable help in our common goal of putting an end to counterfeiting," Nancy Axilrod, vice president and deputy general counsel of Coach Inc told WWD. The leather goods brand was recently awarded £160 million ($257 million) in an internet counterfeiting case which saw 570 websites selling counterfeit Coach goods shut down.