Home » Aura is born: the Prada group, Lvmh and Richemont come together in the name of the blockchain

Aura is born: the Prada group, Lvmh and Richemont come together in the name of the blockchain

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A customer who wants to know everything about the sustainability of a product or the supply chain behind it, can do so by asking our sales staff, even with a phone call, if they prefer this mode to an analog one.

Blockchain technology and the younger generation

The “chain of blocks” is a shared and “immutable” data structure, we could define it as a digital register in which the items are grouped in “blocks”, concatenated in chronological order, and whose integrity is guaranteed by the use of cryptography (hence Aura’s partnership with specialists such as ConsenSys and Microsoft). The size of a blockchain is by definition destined to grow over time, but at the same time it is an immutable structure as, as a rule, once written its content is no longer modifiable or eliminable, unless the entire structure is invalidated.

“We realize that technologies such as the blockchain sound more or less familiar depending on the age of the people or the profession they carry out – explains Lorenzo Bertelli -. But the information that Aura guarantees will remain accessible even in a more traditional way. A customer who wants to know everything about the sustainability of a product or the supply chain behind it, can do so by asking our sales staff, even with a phone call, if they prefer this method to an analog one “. If it is true that the pandemic has accelerated investments in technology and the digitization of every business process, Bertelli is keen to emphasize that the genesis of Aura began well before Covid: “A project like this cannot be improvised, nor can it be forced or accelerated. : we have been working on it for five years. In the last two the fundamental steps have been taken but, I repeat, the desire to join forces and make this investment that projects everyone into the future it is not strictly related to what has happened in the world in the last year».

By joining forces with other luxury brands in this project, we are paving the way for transparency and traceability. I hope other prestigious brands will embrace our initiative

The vision of Lvmh and Richemont

“Aura Blockchain Consortium is a great opportunity for our sector to strengthen the relationship with customers by offering them simple solutions to get to know our products better – he adds. Toni Belloni, managing director of LVMH -. By joining forces with other luxury brands in this project, we are paving the way for transparency and traceability. I hope that other prestigious brands will embrace our initiative ». A Belloni, who has always been the right arm of the founder, president and CEO of LVMH Bernard Arnault, is echoed Cyrille Vigneron, president and CEO of Cartier International and member of the board and senior executive committee of Richemont: «Aura Blockchain Consortium represents an example of unprecedented cooperation in the luxury sector. Blockchain is a key technology to improve customer service, relationship with partners and product traceability. The luxury industry makes timeless objects and must ensure that rigorous standards endure and remain in trusted hands. We therefore invite the entire sector to join this consortium to design a new era of luxury strengthened by blockchain technology ».

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Medium-term developments

Cartier, the three fashion houses of LVMH Bulgari, Hublot and Louis Vuitton, and Prada are already active on the platform, but several discussions at an advanced stage are underway – explain the consortium partners – both within the founding groups and with independent brands, to become part of Aura. Each brand has joined on the basis of its specificities and the expectations of its customers and will continue to be fully owner and responsible for its data, without any exchange of sensitive information from the point of view of competition. On the blockchain platform the information will be stored so as not to be modified, tampered with or violated, as per self-respecting blockchain.

The spirit of the founders serves as a goal for the future

The fact that the consortium is open to all luxury brands, regardless of the sector or country in which they operate, confirms the spirit that gave rise to it, emphasizes Lorenzo Bertelli. “Aura was not born to generate profits: those that will be there will be reinvested in the project, because by definition every technology must be continuously updated and improved. Aura is a flexible structure, able to support companies of various sizes and to adapt to the needs of individuals, not just large and structured fashion houses ».

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