LVMH, Prada, Richemont Partner to Create Global Luxury Blockchain

By Olivia Bugault

LVMH Moet Hennessy Louis Vuitton SE, Prada SpA and Compagnie Financiere Richemont SA's brand Cartier have partnered to develop a global blockchain that will help consumers better trace and authenticate their products, the luxury companies said Tuesday.

The platform, known as the Aura Blockchain Consortium, "enables direct-to-consumer access to product history and proof of authenticity," and will "record information in a secure and non-reproducible manner and generate a unique certificate for its owner," they said.

This blockchain will help the three companies--as well as all luxury brands world-wide that want to join--to better manage issues that are common to the all industry: traceability, sustainability and authenticity, LVMH said.

"Several advanced conversations are also being held with brands both within founder groups and independent brands to join the Consortium soon," the companies said.

The brands Hublot, Bvlgari, Louis Vuitton, Cartier and Prada are already active on the platform, they said.

Write to Olivia Bugault at [e-mail]

(END) Dow Jones Newswires

April 20, 2021 10:07 ET (14:07 GMT)

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