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MasterCard uses Blockchain to track luxury purchases

MasterCard uses Blockchain to track luxury purchases

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 Mastercard continues its commitment to women entrepreneurs by partnering with iconic experiential retailer, Fred Segal Sunset and MADE to support limited-edition collaborations that showcase leading women designers and artists. The first output from this partnership is a collection from Rodarte designers and sisters, Kate and Laura Mulleavy, featuring artwork by artist and painter, Mari Eastman. This is the first of three limited-edition collections from the Mastercard and MADE collaboration.

Working in partnership with MADE, IMG’s fashion discovery and cultural collaboration platform, Mastercard is bringing artists with a similar vision together to create unique lines of clothing. The first collection from the partnership features a demonstration of Mastercard’s blockchain-based Provenance solution, which offers visibility into product journeys.

The Global Brand Counterfeiting Report 2018 [1] estimates that the losses suffered due to global online counterfeiting has amounted to 323 Billion USD in 2017, with luxury brands incurring a loss of 30.3 billion dollars through internet sales. Mastercard plans on using the same solution with other partners to provide a clear record of traceability, designed to contribute to consumer confidence and trust by creating awareness of the authenticity of the product

“We are thrilled to work closely with MADE and Fred Segal on this shared mission to unite female creatives through projects like these that sit at the intersection of art, fashion and technology,” said Sherri Haymond, Executive Vice President, Digital Partnerships, Mastercard. “Leveraging innovative technology solutions, we are able to tell the stories of the products consumers are buying.”

Consumers will be able to shop the exclusive Rodarte pieces at Fred Segal Sunset with the ability to scan a QR code on the garment’s tag to trace each step of the product journey. Consumers who purchase from Fred Segal’s online store can learn more about the product journey and verify authenticity by scanning the QR code when their package arrives at home.

“Fred Segal is a forward thinking retailer so we’re always aiming to empower and inform our customers with cutting edge technology,” said John Frierson, President of Fred Segal. “Through this unique partnership with Mastercard and MADE, we’re excited to offer an innovative retail experience kicking off with Rodarte, one of our favorite West Coast brands.”

 

Source: MasterCard press release
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