Cos, the luxury subsidiary of the fashion brand H M, appears to have entered into a partnership with the blockchain platform VeChainto provide customers with detailed supply chain tracking data.
Although HM has not yet confirmed the partnership, the main investor is in VeChain is already speculating on how to expand the collaboration between the two companies.
VeChain CEO unveils new project with “Fast Fashion Brand”
During a recent “ask me something” (AMA) with Sunny Lu, the managing director of the blockchain-based supply chain management platform VeChain, rannounced that the company was working on a new project with a “fast fashion brand” that it had previously worked with.
Lu stated that “more than 4,000 sustainability products were tracked” with ‘MyStory‘, a tracking platform operated by VeChain developed with the international classification society DNV GL.
There was quickly speculation that the mysterious partner must be HM. The Vechain platform was used to review the organic manufacturing that underpinned H M’s Arket’s Clothing manufacturing in 2018.
The investigation of the Chinese media platform Uncle Cat, H M quickly identified high-end fashion brand Cos as a potential partner, before discovering one of the company’s jumpers with a MyStory tag.
Since its founding in London in 2007, Cos has expanded to 290 physical stores in 44 different jurisdictions.
VeChain investors believe that the partnership with Cos will be expanded
An article by Cream, a blockchain and crypto investment firm and “one of the main drivers behind VeChain”, suggests that the association could also see blockchain technology that will improve Cos’ used store ‘resell’.::
“For example, an NFT pair (non-fungible token) can be generated for clothing at the point of sale, which provides the new owner with a token that demonstrates its authenticity and unchangeable proof of ownership.”
Cream suggests that VeChain and MyStory could also be used to improve the transparency of the internal supply chainin addition to monitoring sustainability towards the consumer.
In 2019 ConsenSys has launched a platform in collaboration with Microsoft and the French global luxury goods group LMVHto verify the authenticity and ethics of high-end fashion, including the brands Louis Vuitton and perfumes Christian Dior.
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