Italian fashion group OTB joins blockchain platform led by LVMH
MILAN, October 15 (Reuters) – Italian fashion group OTB has joined a consortium of luxury heavyweights LVMH (LVMH.PA), Prada (1913.HK) and Cartier, owned by Richemont, which uses blockchain technology to trace the origin of finished products to fight against counterfeiting.
The platform, dubbed Aura, will allow consumers to follow the lifecycle of a product by accessing a kind of digital database that stores information in such a way that it cannot be changed, tampered with or hacked. .
The initiative, launched in April and a rare case of collaboration between competing brands, aims to improve 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 such as Diesel, Maison Margiela, Marni and Viktor & Rolf and acquired Jil Sander in March.
Reporting by Silvia Aloisi Editing by Mark Potter
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