LVMH, Prada, Richemont Partner to Create Global Luxury Blockchain
By Olivia Bugault
LVMH Moet Hennessy Louis Vuitton SE, Prada SpA and Compagnie
Financiere Richemont SA's brand Cartier have partnered to develop a
global blockchain that will help consumers better trace and
authenticate their products, the luxury companies said Tuesday.
The platform, known as the Aura Blockchain Consortium, "enables
direct-to-consumer access to product history and proof of
authenticity," and will "record information in a secure and
non-reproducible manner and generate a unique certificate for its
owner," they said.
This blockchain will help the three companies--as well as all
luxury brands world-wide that want to join--to better manage issues
that are common to the all industry: traceability, sustainability
and authenticity, LVMH said.
"Several advanced conversations are also being held with brands
both within founder groups and independent brands to join the
Consortium soon," the companies said.
The brands Hublot, Bvlgari, Louis Vuitton, Cartier and Prada are
already active on the platform, they said.
Write to Olivia Bugault at email@example.com
(END) Dow Jones Newswires
April 20, 2021 10:07 ET (14:07 GMT)
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