Italian fashion group OTB joins LVMH-led blockchain platform
Reuters
Published Oct 15, 2021 05:13AM ET
MILAN (Reuters) - Italian fashion group OTB has joined a consortium formed by luxury goods heavyweights LVMH, Prada (OTC:PRDSY) and Richemont-owned Cartier that uses blockchain technology to trace the origin of high-end products to fight counterfeiting.
The platform, dubbed Aura, will allow consumers to follow a product life cycle by accessing a sort of digital database storing information in a way that it cannot be changed, tampered with or hacked.
The initiative, launched in April and a rare case of collaboration between rival brands, is aimed at improving transparency about where and how luxury goods are made, and also provide owners with certificates of authenticity.
OTB - which stands for Only The Brave - owns brands including Diesel, Maison Margiela, Marni and Viktor&Rolf and acquired Jil Sander in March.
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Written By: Reuters
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