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New partnership aims to support usage of blockchain in the luxury industry

By Don-Alvin Adegeest

Nov 16, 2021

Business

Image: Blockchain via Pexels

The Aura Blockchain Consortium, founded by LVMH, Prada Group, and Cartier, part of Richemont, and OTB Group, have announce a partnership with Bain & Company. The addition of Bain & Company as the exclusive knowledge partner aims to guarantee a world-class onboarding and strategy development for luxury brands working with Aura.

Accessible technology

The Consortium develops standards and provides tools to enhance transparency and trust through sustainable blockchain solutions and related technologies. Founded by luxury brands, Aura strives to make these technologies easily accessible to all luxury brands irrespective of size and location. Through its activities focused on leveraging blockchain technology throughout the manufacturing and supply chain process, Aura promotes innovation and authenticity within the luxury sector.

Daniela Ott, Secretary General of Aura Blockchain Consortium, said: “Bain & Company has long been recognised as the leading management consultancy that is helping companies transform and define the future of luxury and fashion brands. Today Aura is the only blockchain solution that covers the entire lifecycle of luxury production and consumption. We share a common goal and are delighted to welcome them as our newest global strategic partner. Our members will now have access to world-class management consultancy to support them as they embrace the opportunities to transform their business using our blockchain solutions”.

Federica Levato, a Bain & Company Partner and Head of EMEA Luxury Practice commented, “We are delighted to join the Aura Blockchain Consortium as the exclusive knowledge partner. The advent of blockchain and non-fungible tokens (NFT) has led to a whole new paradigm of how brands engage with their customers. As a company at the forefront of innovation and change for the luxury industry, we look forward to work hand in hand with members of the Aura Blockchain Consortium to navigate the myriad of opportunities presented by this technology and help them craft and execute their strategy for this exciting new frontier of luxury”.

The Aura Blockchain Consortium is a non-profit organization created with the vision that collaboration can coexist within a competitive environment, driven by common objectives for the greater good. Aura through its innovative blockchain technology has built a comprehensive suite of solutions that covers the entire luxury lifecycle, upstream and downstream. The customer journey and experience is at the heart of the solutions which include provenance sourcing, tools to communicate authentication, sustainability, digital tokens and NFTs, providing a personalized service that creates a new layer of engagement for luxury brands direct to their consumers.