Bernard Arnault, the renowned luxury tycoon, has officially confirmed that LVMH, the conglomerate housing 70 prestigious brands, is actively integrating blockchain technology into the operations of its luxury brands. The revelation surfaced as Arnault unveiled the latest Innovation Award for digital startups in Paris. Notably, Louis Vuitton and Parfums Christian Dior have collaborated with ConsenSys and Microsoft to roll out Aura, a groundbreaking distributed ledger technology project.
During the event, Arnault underscored the pivotal role of blockchain in certifying the procurement process, guaranteeing the authenticity and traceability of the supply chain for their esteemed brands. He disclosed ongoing tests being conducted across various houses within the LVMH portfolio, indicating that future strategies will be contingent on the results of these trials.
Turning the spotlight towards sustainability, Arnault responded to queries regarding François-Henri Pinault’s call-to-action for industry leaders to converge on sustainability initiatives. He highlighted LVMH’s in-depth commitment to environmental conservation and sustainable practices resonating throughout their diverse business pursuits.
Moreover, Arnault shed light on LVMH’s digital investments, emphasizing the escalating revenue contribution from e-commerce activities within the group. He stressed the imperative of maintaining exclusive distribution channels that align with the luxury essence of their products, aiming to combat the menace of gray market sales effectively.
At the Viva Technology conference in Paris, Vadim Rogovskiy, the CEO of 3DLook.com, clinched the prestigious LVMH Innovation Award for 2019. This annual conference, launched in 2016, has emerged as a beacon for technology startups, garnering considerable attention and participation from industry stakeholders.
The startups showcased at the LVMH booth during VivaTech epitomized the core values of creativity, innovation, and excellence upheld by the conglomerate. Arnault emphasized the pivotal role of execution in propelling startups towards success, underscoring the spirit of entrepreneurship prevailing within the group.
In essence, the LVMH Innovation Award is a testament to the conglomerate’s unwavering commitment towards endorsing emerging technologies and stimulating innovation within the luxury sector. The recipient, 3DLook, showcased a cutting-edge technology solution addressing the issue of apparel returns due to fit discrepancies, ultimately contributing to the reduction of wastage.
With President Macron’s visit to VivaTech spotlighting the conference on a global stage, the significance of technology startups in France has been further underscored. Macron’s encouragement for entrepreneurs to rival global tech giants reiterates the pivotal role played by events like VivaTech in nurturing innovation and fostering growth within the industry.
For more information on LVMH’s blockchain initiatives, click here. To explore the LVMH Innovation Award and its impact on startups, visit VivaTech.
