Counterfeits are an issue for luxury brands, including fragrances and cosmetics -- and LVMH is about to implement one solution.
Beginning with Parfums Christian Dior and Louis Vuitton, LVMH is launching a blockchain platform to prove the authenticity of luxury goods, Coindesk reports.
The project will go live by June, and will track products -- making LVMH the first in the fashion and luxury sector to use blockchain technology for product authentication at scale.
"Investing in blockchain is an acknowledgment from LVMH that proof of authenticity is a critical component of brand and product value in the competitive marketplace for luxury goods," states Certilogo.
Certilogo is an authentication provider for more than 80 global brands. The company reports that its survey of 1,500 consumers revealed that 83% of shoppers in Europe, America and China are worried about purchasing a counterfeit product by mistake while shopping in stores or online."
"It's the beginning of a new era for authentic luxury..." says Michele Casucci, founder and CEO, Certilogo. "Blockchain is one of the most exciting technologies of our generation for showing consumers where a product came from, who made it, what it was made from, and that it is authentic..." Casucci says.
Photo: Fragrances by Parfums Christian Dior include J'Adore and Miss Dior