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In an effort to address the challenges related to traceability and authenticity in the luxury industry, three major luxury players, namely LVMH group, Prada, and Cartier, have announced their partnership to develop the Aura blockchain. This groundbreaking blockchain project aims to establish an international luxury blockchain that will revolutionize the industry.
One of the primary objectives of this alliance is to cater to the increasing demand in the second-hand luxury market. The Aura blockchain will enable consumers to track the complete history of a product throughout its value chain. With its non-duplicable and tamper-proof nature, the digital solution provided by the Aura blockchain, featuring ConsenSys and Microsoft technology, will serve as a passport for the product’s entire lifecycle. This includes everything from sourcing to potential repair operations, as well as resale activities.
The timing of this collaboration is crucial as the luxury houses strive to transition from a “culture of secrecy” to a “culture of transparency.” Stéphane Truchi, President of IFOP, highlighted the changing expectations of young luxury consumers and emphasized the need for the industry to embrace transparency. By implementing the Aura blockchain, luxury brands, including LVMH, Prada, and Cartier, aim to strengthen their relationship with customers by providing them with simple solutions to better understand the products they purchase.
Toni Belloni, CEO of LVMH, expressed excitement about the opportunity to enhance customer connections and promote transparency through the Aura Blockchain Consortium. He stated, “Joining forces with other luxury brands on this project allows us to lead the way in terms of transparency and traceability.”
Cyrille Vigneron, CEO of Cartier International, also emphasized the significance of the Aura Consortium in fostering collaboration within the luxury industry. He announced that Aura would be open to other luxury brands and companies, further expanding its reach and impact.
Useful links relevant to the article:
1. LVMH News – The LVMH Group, Prada, and Richemont Become Founders of the Aura Blockchain Consortium
2. Prada News – LVMH, PRADA, AND RICHEMONT FOUND AURA BLOCKCHAIN CONSORTIUM
