Luxury giants unite around blockchain

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Luxury giants are joining forces on digital certificates. French groups LVMH and Italian Prada, as well as Cartier – owned by Genevan Richemont – announced on Tuesday the creation of a consortium around the Aura Blockchain platform. Launched in 2019 by LVMH, in partnership with Microsoft and the American blockchain specialist ConsenSys, it aims to offer a solution capable of guaranteeing the authenticity and traceability of luxury products through a technology designed by and for the ‘industry.

“In this area, brands are as much competitors as they are partners”, confides to the Time the boss of Cartier, Cyrille Vigneron, specifying that the Richemont group was approached by LVMH last year. “We received offers from several companies offering similar solutions, but we realized that blockchain technology is recent and evolving very quickly, which raised questions in the long term.”