The blockchain for conformity in luxury

The luxury sector is constantly looking for innovation. And the blockchain is one of the most promising avenues. Richemont with Vacheron Constantin, LVMH with Louis Vuitton and Kering with Ulysse Nardin have launched initiatives to combat counterfeiting using this technology. But the blockbuster tracks to be explored for this sector of activity are not limited to this use case only.

The conformity of suppliers and raw materials used in luxury goods has become a strategic and differentiating issue. Luxury brands must be able to guarantee the auditing and control of their counterparts who do not always provide sufficient guarantees in terms of transparency. It is the image and reputation of the luxury brands and sectors concerned that are at stake. I am thinking in particular of the recent report published by the Swiss Federal Audit Office, which raises important shortcomings in the control of gold imported into Switzerland. In my view, it is becoming critical to be able to ensure that suppliers meet their commitments in terms of ethics, traceability, sustainability and compliance throughout the production and supply chain.

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