In this article, we unravel new insights about how bottom of pyramid (BOP) consumers derive value through purchase and consumption of deliberate lookalike brands. We analyse in-depth interview data of 12 BOP consumers and 8 BOP retailers from Mumbai, India, related to purchase and sales of counterfeit brands. Our results suggest three different themes that constitute the BOP customers’ value model for deliberate counterfeit purchases: (1) cost–benefit analysis, (2) status symbol, and (3) value for money. Our research provides fresh insights of how BOP consumers derive various aspects of value by balancing risks and returns from purchase of counterfeits, while also using these goods as status symbols. The managerial relevance of the research lies in leveraging BOP consumer insights on the value perceived in the use of deliberate lookalike brands, and how the customer value is embedded in BOP socio-economic context, which firms can leverage to tailor their communications to these segments.