Aura Blockchain tops the 40 million mark for encrypted products

Founded in 2021 by several large groups such as LVMH, OTB, the Swiss Richemont, and the Italian Prada, the consortium will now integrate new regulations drafted by European institutions. These regulations, recently approved by the EU Parliament (including Espr-Ecodesign), will require companies to design sustainable products equipped with a digital identity indicating their composition. This aims to facilitate recycling and reparability and inform customers about the origin of any "sensitive" substances in the purchased items. These digital passports will be mandatory for all brands by 2050.

"I want to thank the more than 40 member brands that share our vision of establishing a new standard in the luxury industry. Together, we prove that collective effort, with unwavering commitment to collaboration, is the key to significant change for brands and customers," commented Romain Carrere, CEO of Aura Blockchain, the platform that surpassed 40 million tracked luxury products.

Consumers will also be informed about the production chain, the origin of raw materials, and the storytelling of the coveted item. The technology, developed by the nonprofit consortium, uses QR codes or NFC chips.

Among the major brands involved in the initiative are Tod’s (with NFC chips integrated into Di Bag), Jil Sander, Marni, Loro Piana (LVMH), and Cartier (Richemont). For example, Prada launched its Prada Eternal jewelry collection, made from recycled gold and diamonds, whose origins can be verified through digital passport technology.

Blockchain also allows for issuing certificates of ownership, a major asset in the thriving resale market, providing sellers with concrete proof of possession and authenticity. This also helps to forge a lasting link between the brand and the holder of the item, offering bespoke services such as repair or personalization.

Last year, LVMH encrypted over 580,000 products for three of its brands (Fendi, Celine, and Givenchy), representing a 200% increase compared to 2022, while Marni, Margiela, and Jil Sander, brands belonging to the OTB group, encrypted over 800,000 items.