French luxury goods manufacturers LVMH and jewelry house Cartier, together with Italian fashion house Prada, have formed the Aura blockchain consortium to combat counterfeiting of luxury goods.
LVMH has joined forces with two other major luxury names – @Prada and @Cartier, part of Richemont – to develop Aura Blockchain Consortium, the world’s first global luxury blockchain.
Learn more : https://t.co/UpFFiF5JYa#LVMH #AuraBlockchain pic.twitter.com/uLRCOhIgDI
— LVMH (@LVMH) April 20, 2021
According to the press release, Hublot, the watchmaker within LVMH, launched a digital warranty on the Aura blockchain. Bvlgari and Louis Vuitton also joined the platform.
“The Aura blockchain consortium is an excellent opportunity for our sector to strengthen the relationship with customers, offering them simple solutions to better acquaint themselves with our products,” said LVMH’s managing director Toni Belloni.
He added that joining forces could help them become leaders in this direction. The executive also hopes that other ‘prestigious players’ will join them.
Bloomberg noted that the companies do not plan to accept cryptocurrency as a form of payment for their goods.
In 2019, LVMH struck a collaboration with ConsenSys and Microsoft to create a blockchain platform that would allow customers to verify the authenticity of luxury items.
In April 2021 Vogue Business reported that the Italian fashion house Gucci and a number of other luxury brands were preparing to release their own non-fungible tokens.
In October 2020, Swiss luxury watchmaker Breitling offered its clients digital certificates of authenticity.
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