Aura Blockchain Consortium, founded by LVMH, Prada Group, Cartier, part of Richemont, the OTB Group and Mercedes-Benz, is joining the Sustainable Markets Initiative Fashion Task Force, a private-sector coalition aimed at accelerating the transition towards a more sustainable future in the global fashion, textile and apparel sector. The SMI was launched by His Royal Highness The Prince of Wales in 2020, and its Fashion Task Force is chaired by Federico Marchetti, tech entrepreneur and sustainability pioneer. Aura Blockchain Consortium’s technology will help members of the Sustainable Markets Initiative Fashion Task Force achieve their sustainability goals and enhance traceability.
“We’re thrilled to have Aura Blockchain Consortium join the Task Force. Its presence will accelerate our mission to build innovation, transparency and a collaborative spirit within the fashion industry. Only by working together and leveraging technology will we protect the planet.” says Federico Marchetti, SMI’s Fashion Task Force Chair.
“It is a privilege to support HRH The Prince of Wales’ Sustainable Markets Initiative Fashion Task Force along with its members and teams through the Aura Blockchain Consortium’s private blockchain and NFT solutions as we work towards our shared vision to accelerate the transition to a more sustainable future. We are excited to start the collaboration with the Fashion Task Force’s team to push circularity and traceability forward” says Daniela Ott, General Secretary of Aura Blockchain Consortium.
Across 2021 and 2022, the Task Force has been delivering action in multiple areas where Aura Blockchain Consortium’s traceability platform, built for the luxury sector, will bring considerable value. In recognition that consumer interest in more sustainable products is on the rise, the Task Force is focused on unlocking circularity by rolling out a Digital ID, which was launched at the G20 in Rome in October 2021. The Digital ID allows key players in the fashion value chain – including manufacturers, brands, retailers, resellers and recyclers – to provide unprecedented transparency and traceability of the products they sell. It also unlocks new circular services for customers, such as care and repair services, as well as ones focused on resale and recycling.
The Aura Blockchain Consortium already enables and supports participating members to tag their products with secure, unique blockchain-based identities that can track a product’s manufacture and supply from raw materials through to end consumers. As such, it owns the perfect innovative technology to enable the Task Force and its member brands with this ambition.