Supply Chain Tracking Blockchain Platform, VeChain, Partners With H&M

• Toshendra Kumar Sharma
• April 27, 2020

COS, the luxury subsidiary of the fashion brand H&M has partnered with VeChain, a blockchain platform to offer customers with detailed supply chain tracking data. Although H&M is yet to confirm the partnership, VeChain’s leading investor is speculating on how to expand the collaboration between the two companies. 

 

VeChain is a decentralized blockchain platform focused on the development of supply chain solutions. It is a self-sustaining and scalable platform that provides detailed, accurate information on every product on the blockchain to ensure quality is not compromised.

 

VeChain CEO Talks About New Project with ‘Fast Fashion Brand.’

 

During the recent “ask me anything,” AMA, with VeChain’s CEO Sunny Lu, explained that the company is working on a fresh project with a “fast fashion brand” that they had previously partnered with.

 

Lu stated that “more than 4,000 sustainability products were tracked” with “MyStory, “a tracking platform powered by VeChain designed by international classification society DNV GL.

In the past, VeChain had worked with the H&M subsidiary Arket for verifying the organic manufacturing process of their beanies and other apparel items. Chinese media platform, Uncle Cat, identified the H&M’s high-end fashion label, COS, as the 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 comprise 290 physical shops located in 44 different jurisdictions.

 

Other Ways of COS Leveraging VeChain’s Blockchain Platform

 

According to Cream, one of the main driving forces behind VeChain, there are different ways by which COS can leverage VeChain’s blockchain technology. 

 

Taling about COS (“collection of style”), it is a unique fashion brand that prides itself on its contemporary offerings that can be “worn beyond the season.” VeChain can enhance the brand’s profile by proving the authenticity of purchased goods and demonstrating the sustainability of its raw materials with consumers. The report suggests that COS could use VeChain’s solutions to enhance the resell experience significantly for its shoppers.

“For example, clothing items can have an NFT (non-fungible token) pairing generated at the point of sale, providing the new owner with a token proving authenticity and an immutable record of ownership,” the report explained.

 

According to Cream, “this will enable owners and second-hand buyers to swap goods safely, securely, and without concern of buying fake products.” COS could use MyStory and VeChain’s blockchain technology as a way to strengthen their internal supply chain traceability efforts.

“COS could integrate VeChain’s technology into its existing database software to significantly enhance its internal supply chain traceability process,” the report further explained. ConsenSys, in 2019, has launched a platform in collaboration with Microsoft and the French global luxury goods group, LMVH, to verify the authenticity and ethics of high-end fashion, including the brands Louis Vuitton and perfumes Christian Dior.

 

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