The aim of this paper is to shed light on consumers’ concurrent ownership of original and counterfeit versions of a brand, a phenomenon that is lively in the global market place but has thus far failed to attract adequate research attention. Using findings from eight focus group discussions, this paper investigates the relationships consumers have with brands and counterfeits when they own both at the same time, based on different object‐, self‐, and other‐centered engagements. Subsequently, three distinct consumer segments were identified that vary in their relationship trajectories over time. Along three established phases, a decline in purchasing of counterfeits can be observed; between Phases 1 and 2, this is due largely to negative emotional aspects, while making the transition to Phase 3 is always induced by a conflict with the social self. In all three segments the gap between the perceived and ideal social self widens, yet, once again, there are differences in the coping strategies.