Replicas are copies of original products, and these products can be varied, ranging from branded items such as clothes, shoes, jewelry, leather products, accessories, and even sports trophies. Occasionally these replicas are used in museums or award events because the original is too expensive to be moved from one place to place.
A replica might be a very close copy and almost identical to the original. Replicas also demonstrate that they are copies of the original products made only by the company initially making these products. Fake products are copies of unique products and are used to make money by selling cheaper versions at a very high price.
Fake is used to describe everything from movie sets to props used in dance or theater. Fakes are more affordable and made of more inferior quality.