Cos, the luxurious subsidiary of the fast-fashion model H&M, seems to have partnered with blockchain platform, VeChain, to offer detailed provide chain tracing information to prospects.
Whereas H&M is but to verify the partnership, VeChain’s fundamental investor is already speculating as to how the 2 firms’ collaboration will increase.
VeChain CEO reveals new undertaking with ‘quick trend model’
Throughout a current ‘ask me something’ (AMA) with Sunny Lu, the chief govt of blockchain-based provide chain administration platform, VeChain, revealed that the corporate is engaged on a brand new undertaking with a “quick trend model” with which it had beforehand partnered.
Lu said that “greater than 4,000 sustainability merchandise have been traced” utilizing ‘MyStory’ — a traceability platform powered by VeChain that was developed with worldwide classification society DNV GL.
Hypothesis shortly surfaced that the thriller companion should be H&M, Vechain’s platform had been used to confirm the natural manufacturing underpinning the manufacture of H&M subsidiary, Arket’s attire, in 2018.
Sleuthing carried out by Chinese language media platform, Uncle Cat, shortly recognized the H&M’s high-end trend label, Cos, because the doubtless companion, earlier than recognizing one of many firm’s jumpers donning a MyStory tag.
Since being based throughout 2007 in London, Cos has expanded to comprise 290 bodily retailers positioned in 44 completely different jurisdictions.
VeChain buyers consider Cos partnership will increase
An article revealed by Cream, a blockchain and crypto funding agency and “one of many fundamental driving forces behind VeChain,” suggests the partnership might additionally see blockchain know-how used to reinforce Cos’ second-hand market ‘Resell’:
“For instance, clothes objects can have an NFT (non-fungible token) pairing generated on the level of sale, offering the brand new proprietor with a token proving authenticity and an immutable document of possession.”
Cream means that VeChain and MyStory may very well be additionally used to strengthen inside provide chain transparency, along with consumer-facing sustainability monitoring.
In 2019, ConsenSys launched a platform in partnership with Microsoft and French world luxurious items conglomerate, LMVH, to confirm the authenticity and ethics of high-end trend, together with manufacturers Louis Vuitton and Parfums Christian Dior.
