Fashion conglomerate OTB Group joins LVMH, Prada Group and Cartier as a new founding member of technology innovation initiative Aura Blockchain Consortium.
As the parent company of Diesel, Maison Margiela, Marni, Jil Sander and Viktor&Rolf, the OTB Group’s new move will see the company dive into the exploration of digital transparency and responsible sourcing for its brands. Its participation will aid in the continuation of the organisation’s development and further expand the adoption of blockchain technology in the luxury industry.
In a collective statement made by the founding members of the tech platform, the group said: “The Aura Blockchain Consortium warmly welcomes OTB as our fourth founding member. The group’s strategy, which is geared towards young generations and its courageous choices, combined with its tech expertise, are at the heart of this union. We strongly believe that OTB’s contribution will be of great value for the evolution of our platform and the standards we aim to set for the entire luxury industry.”
The Aura Blockchain Consortium, launched in April, intends to provide participating brands with technology that enables authentication proof and product history to luxury buyers, offering transparency in production and ownership certification. Open to all luxury brands, the platform looks to further enhance consumer relationships and support companies in the transition to a more circular business model.
“It is a great honour for us to join the Aura Blockchain Consortium as a founding member,” said Stefano Rosso, board member of OTB Group. “We aim to provide our strong contribution to this strategic collaboration focusing on a circular business model, transparency for the customer, innovation and sustainability.”
He added: “Aura Blockchain Consortium will be an impressive accelerator of our journey and we are glad to put our experience, bravery and innovative thinking at the service of the Consortium to further develop the applications of blockchain technology and raise the standards of the fashion and luxury industry.”
Upcoming projects by the blockchain platform include the development of NFT solutions for luxury brands, as well as a SaaS solution called Aura Light. The addition will allow brands to gain easy access to the implementation of Aura technology, even without the necessary resources.