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LVMH has joined forces with rivals, Prada and Cartier, both part of the Richemont group, in order to develop Aura Blockchain Consortium, a global luxury blockchain.
The firms said Aura represents a new way for luxury brands to communicate directly to consumers to share updates on the quality of their materials, craftsmanship and creativity whilst strengthening the relationship between the clients and brand.
Given that issues such as traceability, sustainability and authenticity are common to all luxury brands, LVMH reiterated that it made sense for these competitors to work together to drive change and develop a shared solution.
Aura is open to all luxury brands and offers flexibility to support companies of varying sizes and adapt to individual needs.
Among LVMH Maisons, Hublot, Bvlgari and Louis Vuitton are already active on the platform. Hublot, for example, has launched a digital e-warranty, which is stored in the Aura infrastructure and allows customers to verify the authenticity of their watch via a simple photo taken with a mobile phone.
Toni Belloni, managing director, LVMH, said: “The Aura Blockchain Consortium is a great opportunity for our sector to strengthen our connection with customers by offering them simple solutions to get to know our products better.
“By joining forces with other luxury brands on this project, we are leading the way on transparency and traceability. I hope other prestigious players will join our alliance.”
