Since 2012, Louis Vuitton has committed to trace the supply chain of its diamonds in particular thanks to RJC technology and rely on the so-called Kimberly Process, a system to determine whether diamonds come from legitimate sources and are not involved in conflicts.
In addition, the company has for some time decided to track its products using blockchain to be sure of the steps in its supply chain.
- Louis Vuitton: use of blockchain against counterfeiting
- Louis Vuitton and the use of blockchain
- Louis Vuitton in the metaverse and NFT
Louis Vuitton: use of blockchain against counterfeiting
For this purpose, he created Louis Vuitton Auradeveloped in collaboration with Microsoft and ConsenSys to track the life cycle of luxury products and avoid counterfeits.
When it comes to fakes, in fact, according to the Love Money study, Vuitton bags are one of the products most subject to counterfeiting.
In August 2020, Chinese police arrested 62 criminals involved in counterfeiting more than 2,000 bags worth $14.6 million.
Overall, the luxury goods resale market was valued at USD 32.61 billion in 2021 and is likely to reach USD 51.77 billion by 2026.
Louis Vuitton and the use of blockchain
This is what we read in a blog post regarding the use of the Aura blockchain:
“WITH THE DEBUT OF THE LV DIAMONDS COLLECTION AND IN KEEPING WITH THE MAISON’S TRADITION OF INNOVATION, LOUIS VUITTON PRESENTS THE FIRST SECURE DIGITAL CERTIFICATE FOR DIAMONDS. A CUTTING-EDGE SOLUTION FOR DIAMOND TRACEABILITY AND RESPONSIBLE SOURCING, THIS TRANSPARENT AND IMMUTABLE DIGITAL CERTIFICATE USES AURA BLOCKCHAIN TECHNOLOGY TO STORE THE UNIQUE CHARACTERISTICS OF EACH STONE, ITS ORIGIN AND ITS JOURNEY, ENSURING THAT THIS DATA IS PROTECTED INDEFINITELY.
In particular, this blog post talks about the diamond supply chain, from quality control to cutting and cleaning to mounting by Italian and French artists.
Louis Vuitton in the metaverse and NFT
Not only blockchain, but Louis Vuitton is also involved in the use of metaverse and NFT. According to one studies As of September 2022, it is one of the most sought-after adult brands in the metaverse.
In terms of non-fungible tokens, Louis Vuitton launched the gaming app “Louis: The Game” in August, where it was possible to experience an adventure with the mission of educating players to know its 200-year history in exchange for NFT rewards. .