BLOCKCHAIN news and archive

Web3 fashion platform Syky secures 9.5 million dollar funding

Luxury fashion platform Syky has announced the closing of a 9.5 million dollar funding round led by Alexis Ohanian’s firm Seven Seven Six. The company, formed by Ralph Lauren’s former chief digital and content officer Alice Delahunt, is centred around blockchain technology, and aims to serve as an incubator, marketplace and social community for...

Business

Clarins launches blockchain-based platform to up product traceability

Beauty giant Clarins has unveiled a new platform based on blockchain technology in a bid to share full traceability of its products’ ingredients and its manufacturing process. Starting today, ‘T.R.U.S.T.’ will provide consumers with information on all steps in a product’s manufacturing process, as well as details regarding plant-based...

Fashion Featured

Vestiaire Collective reveals how it identifies counterfeits

Counterfeiting has infiltrated many channels in the luxury sector, including on re-sale platforms. The wide availability of fake goods has forced brands to tackle issues of transparency, with luxury pre-owned retailer Vestiaire Collective this year publishing its first Trust Report 2022. The report gives insight into the company’s 13 years of...

Fashion |Jewellery Featured

Monica Vinader launches passport pilot to enhance traceability

Monica Vinader is launching a new supply chain traceability standard for the jewellery industry in partnership with sustainable jewellery manufacturer Ennovie. The digital Product Passport programme has been designed to offer enhanced traceability to consumers by allowing them to trace the origin of their jewellery from design, materials...

Business

PwC analysis: how the metaverse is changing retail and consumer goods industry

Accounting and consulting firm PwC has analysed the impact of the metaverse on the retail and consumer goods industry. After all, the market volume of metaverse-related technologies was around 48 billion US dollars (around 40 billion pounds) in 2020 and is expected to grow at an annual rate of 43 percent until 2025. Retailers and manufacturers...

Business

LVMH-owned Tag Heuer to accept cryptocurrency

Earlier this month shares in bitcoin plummeted to its lowest value in over two years, but volatile or not, digital currencies are here to stay. Tag Heuer, the LVMH-owned luxury watchmaker, announced it too would accept cryptocurrency payments. In a press release Tag Heuer CEO Frédéric Arnault stated: “As an avant-garde watchmaker with an...

Fashion |Report Featured

Fashion industry to double down on tech investment to stay competitive

Last week Bored Ape Yacht Club, a non-fungible token (NFT) collection built on the Ethereum blockchain, sold the biggest metaverse NFT project to date, with over 320 million dollars of assets sold in one mint. The news comes as fashion companies are set to invest record amounts in technology, nearly doubling their stake from 1.6 percent in 2021...

Retail

Philipp Plein expects rise in cryptocurrency payments

Philipp Plein forecasts customers to increase making purchases with cryptocurrency to rise to 15 million euros, after the company began accepting crypto in August 2021. In an interview with Bloomberg television the German designer said crypto payments accounted for 3 percent of online sales of 100 million euros. The company’s forecast is...

Business

Blockchain backed by luxury houses launches cloud-based SaaS tech

The Aura Blockchain Consortium, which was founded in April 2021 by LVMH, Prada Group, Cartier, part of Richemont and OTB Group, has announced the launch of a blockchain-based platform designed for luxury brands. Aura SaaS, described in a release as a “game-changing cloud-based SaaS solution”, has been introduced by the consortium to enable...

BusinessFeatured

Everledger partners with Australian Wool Innovation on blockchain tracing tech

The UK’s Everledger, the parent organisation of The Woolmark Company, has partnered with Australian Wool Innovation (AWI) on a supply chain traceability proof-of-concept, with the goal of enabling information sharing on wool provenance and supply chains. Together with the Australian wool industry and its partners, the two companies have begun...

Retail

Frank and Oak opens first Asian store

Montreal-based sustainable clothing company Frank and Oak presents its new collection “Traced by VeChain” in its first physical store experience in Asia. It is located in the new Tai Koo Li shopping centre in downtown Shanghai, which opened on 1st December 2021. The Shanghai store was designed by Montreal-born Sacha Silva, who has been...

BusinessFeatured

Kering Eyewear launches sustainability blockchain platform

Luxury eyewear conglomerate Kering Eyewear has launched an inclusive data exchange platform, utilising blockchain technology to enable assessments and traceability across all manufacturing operations. V.I.R.T.U.S (a verified, integrated, reliable, trustworthy, unique and secure platform) falls in line with the company’s “commitment to...