Sustainability

Aura Blockchain Consortium joins the Prince of Wales’ initiative

Launched last year by LVMH, Prada and Richemont, Aura Blockchain Consortium joins the Sustainable Market Initiative Fashion Task Force, a private partnership of stakeholders aiming to facilitate the transition of the world of fashion and luxury to an ever more sustainable dimension.

Eva Morletto

By Eva Morletto07 juin 2022

Aura Blockchain Consortium's technology will help Sustainable Markets Initiative members improve their traceability (Aura Blockchain Consortium)

The initiative, launched by His Highness The Prince of Wales in 2020 and chaired by Italian Federico Marchetti, founder of Yoox and CEO of YNAP (the merger of Yoox and Net-à-Porter), will be supported by Aura Blockchain Consortium technology. It will help members of the Sustainable Markets Initiative to achieve their goals of improving the traceability of branded products and the efficiency of production processes. A single blockchain-based identity will allow products to be tracked from the choice of raw materials, through the manufacturing process and on to the final consumer. This control is made possible thanks to a cutting-edge technology: "digital twins" of each catalogued product, represented in the form of non-fungible tokens of type ERC-721, stored on Quorum.

This communication of authenticity and responsible sourcing information in a digital format ensures full transparency of the product's life cycle and allows buyers to verify for themselves the entire manufacturing process, thus strengthening the bonds of trust between the customer and the brand in question.

For its part, the Sustainable Markets Initiative (SMI) working group launched a manifesto for "more regenerative fashion" a little over a month ago and activated funding operations for "sensitive" textile production areas, for example in the Indian Himalayas. The initiative has resulted in the allocation of a €1 million fund locally to support sustainable agriculture and biodiversity conservation around silk, cashmere and cotton production. The group chaired by Federico Marchetti works in partnership with the Circular Bioeconomy Alliance (CBA) led by scientist Marc Palahi. Several brands have already joined the project, from Burberry to Chloe, from Armani to Stella McCartney.

Share the post

Keep reading

Hermès Heritage exhibits its know-how in Qatar
Fashion

Hermès Heritage exhibits its know-how in Qatar

After the Harnessing the Roots exhibition in Los Angeles, the In Motion exhibition in Hanoi and the Rouges Hermès exhibition in New Delhi, the famous French fashion house is now arriving at the National Museum in Doha, Qatar, for a new event: Once upon a Bag, dedicated to the universe of the most legendary bag models. The exhibition will be open to the public until 11 June 2022.

By Eva Morletto

New edition for the Master in Sustainable Fashion Design of the famous institute L’Accademia del Lusso
Academic

New edition for the Master in Sustainable Fashion Design of the famous institute L’Accademia del Lusso

The Accademia del Lusso, the prestigious Italian institute of higher education in fashion and design, is launching a new edition of its Master in Sustainable Fashion dedicated to the analysis of production and design processes within the green economy

By Eva Morletto

Register

Newsletter

Be notified of the latest publications and analyses