Aura Blockchain Consortium, a non-profit organisation founded by LVMH, Prada Group, and Cartier, part of Richemont, and OTB Group, has announced a partnership with Bain & Company.
It says that the addition of Bain & Company as an exclusive knowledge partner will “guarantee a world-class onboarding as well as strategy development for luxury brands working with the consortium”.
Aura through its blockchain technology has built a suite of solutions that covers the entire luxury lifecycle, upstream and downstream. These include provenance sourcing, tools to communicate authentication, sustainability, digital tokens and NFTs.
Daniela Ott, Secretary-General at Aura Blockchain Consortium, says: “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, comments: “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 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”.
Sourced from Retail Technology Innovation Hub