The fashion industry is fiercely competitive, and some houses are turning to technology to embrace new margins, sustainability and overall greatness. LVMH is the latest major label group to jump on the blockchain bandwagon. LVMH is the parent company of world-famous brands including Christian Dior, Givenchy and Louis Vuitton, and according to Vogue Magazine, the company is launching the very first blockchain platform to help clients authenticate their luxury products.
The venture is developed in partnership with Microsoft and a technology firm called ConsenSys. The blockchain platform, named Aura, will enable the tracking of each item, serving as a proof of origin. This in turn will lower the number of fake products in the market. The data will remain confidential, and the service will be made available to all of LVMH’s luxury brands.
The whole experience will prove beneficial for the customer, not only in terms of authenticity of the product, but also as an engagement experience throughout the shopping experience. Each product will have its very own timeline story – from the raw materials to the manufacturing and shipping.