Blockchain news and archive

Can blockchain and NFC chips put an end to counterfeiting and idea theft in the fashion industry?

The fashion industry is facing a double threat: a rise in counterfeiting that eats into their profits and a fast-fashion culture that copies designs with impunity. But blockchain offers a glimmer of hope. Or rather, a concrete answer. Blockchain: Tracking a fashion item’s entire journey A blockchain is essentially “a large, public, distributed...

Business

Nativa debuts blockchain-driven sustainable cashmere

Nativa, supplier of nature-based luxury fibres, has launched the world’s first blockchain-driven sustainable cashmere direct from the farm. Nativa Cashmere offers ethically sourced cashmere fibres from Mongolia, produced by nomadic tribes in small, family-run farms, following its success with sustainable Merino wool and regenerative cotton. The...

Fashion

Luxury brands are turning to blockchain for authenticity and insurance

In the world of digital luxury, a significant change is happening with the adoption of blockchain technology. One standout player in this field is Vaultik, known for creating a digital vault exclusively designed for luxury items. Their digital passports combine ownership and authenticity, providing a unique blockchain certificate for each luxury...

Business

Tod’s adopts digital product passports, joins Aura Blockchain

Luxury label Tod’s has joined the growing number of high-end brands adding digital product passports (DPP) to its customer experiences, a move it made after joining non-profit organisation Aura Blockchain Consortium. The Italian brand has integrated the DPP into its custom Di Bags, which will each now be digitally linked to a traceability token...

Business

Web3 fashion platform Syky secures 9.5 million dollar funding

Luxury fashion platform Syky has announced the closing of a 9.5 million dollar funding round led by Alexis Ohanian’s firm Seven Seven Six. The company, formed by Ralph Lauren’s former chief digital and content officer Alice Delahunt, is centred around blockchain technology, and aims to serve as an incubator, marketplace and social community for...

Business

Clarins launches blockchain-based platform to up product traceability

Beauty giant Clarins has unveiled a new platform based on blockchain technology in a bid to share full traceability of its products’ ingredients and its manufacturing process. Starting today, ‘T.R.U.S.T.’ will provide consumers with information on all steps in a product’s manufacturing process, as well as details regarding plant-based...

Fashion Featured

Vestiaire Collective reveals how it identifies counterfeits

Counterfeiting has infiltrated many channels in the luxury sector, including on re-sale platforms. The wide availability of fake goods has forced brands to tackle issues of transparency, with luxury pre-owned retailer Vestiaire Collective this year publishing its first Trust Report 2022. The report gives insight into the company’s 13 years of...

Fashion |Jewellery Featured

Monica Vinader launches passport pilot to enhance traceability

Monica Vinader is launching a new supply chain traceability standard for the jewellery industry in partnership with sustainable jewellery manufacturer Ennovie. The digital Product Passport programme has been designed to offer enhanced traceability to consumers by allowing them to trace the origin of their jewellery from design, materials...

Business

PwC analysis: how the metaverse is changing retail and consumer goods industry

Accounting and consulting firm PwC has analysed the impact of the metaverse on the retail and consumer goods industry. After all, the market volume of metaverse-related technologies was around 48 billion US dollars (around 40 billion pounds) in 2020 and is expected to grow at an annual rate of 43 percent until 2025. Retailers and manufacturers...

Business

LVMH-owned Tag Heuer to accept cryptocurrency

Earlier this month shares in bitcoin plummeted to its lowest value in over two years, but volatile or not, digital currencies are here to stay. Tag Heuer, the LVMH-owned luxury watchmaker, announced it too would accept cryptocurrency payments. In a press release Tag Heuer CEO Frédéric Arnault stated: “As an avant-garde watchmaker with an...

Fashion |Report Featured

Fashion industry to double down on tech investment to stay competitive

Last week Bored Ape Yacht Club, a non-fungible token (NFT) collection built on the Ethereum blockchain, sold the biggest metaverse NFT project to date, with over 320 million dollars of assets sold in one mint. The news comes as fashion companies are set to invest record amounts in technology, nearly doubling their stake from 1.6 percent in 2021...

Retail

Philipp Plein expects rise in cryptocurrency payments

Philipp Plein forecasts customers to increase making purchases with cryptocurrency to rise to 15 million euros, after the company began accepting crypto in August 2021. In an interview with Bloomberg television the German designer said crypto payments accounted for 3 percent of online sales of 100 million euros. The company’s forecast is...