Hennes & Mauritz Targets Ethical Consumers with Blockchain Traceability!
Cos, the luxury subsidiary of the fast-fashion brand H&M, seems to have collaborated with the blockchain platform, VeChain, to offer detailed supply chain tracing data to consumers.
While H&M is still to affirm the association, VeChain’s principal investor is already considering as to how the two companies’ collaboration will grow.
VeChain CEO unveils new project with ‘fast fashion brand.’
Meanwhile, in a recent ‘ask me anything’ (AMA) with Sunny Lu, the chief executive of blockchain-based supply chain management platform, VeChain, admitted that the company is operating on a novel project with a “fast fashion brand” with which it had earlier partnered.
Lu said that “more than 4,000 sustainability products were traced” utilizing ‘MyStory’ — a traceability platform powered by VeChain that was produced with international classification society DNV GL.
Speculation immediately appeared that the mystery associate must be H&M, Vechain’s platform had been utilized to confirm the organic manufacturing underpinning the manufacture of H&M subsidiary, Arket’s apparel, in 2018.
Sleuthing led by the Chinese media platform, Uncle Cat, immediately recognized the H&M’s high-end fashion label, Cos, as the likely ally, before detecting one of the company’s jumpers donning a MyStory tag.
Since being established during 2007 in London, Cos has grown to comprise 290 physical shops placed in 44 different jurisdictions.
VeChain investors believe Cos partnership will expand.
An article issued by Cream, a blockchain and crypto investment firm and “one of the main driving forces behind VeChain,” recommends the association could also view blockchain technology utilized to improve Cos’ second-hand marketplace ‘Resell’:
“For instance, clothing items can have an NFT (non-fungible token) pairing generated at the point of sale, providing the new owner with a token proving authenticity and an immutable record of ownership.”
Cream recommends that VeChain and MyStory could also be utilized to increase internal supply chain transparency, in enhancement to consumer-facing sustainability monitoring.
In 2019, ConsenSys launched a platform in association with Microsoft and French global luxury goods conglomerate, LMVH, to confirm the authenticity and ethics of high-end fashion, including brands Louis Vuitton and Parfums Christian Dior.
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