2020-4-28 21:15 |
H&M, a fashion and clothing brand has partnered with VeChain to bring Blockchain traceability to manage its supply chain and offer more data to the customer on the products they are purchasing. Cos, a high end subsidiary of H&M has reportedly incorporated the blockchain system in their supply chain.
The official announcement has not been made public on the use of the VeChain blockchain as of yet, but the primary investor is already discussing various fields where the two companies can collaborate and expand their partnership.
The news came into the public domain during an Ask Me Anything (AMA) by Sunny Lu, the chief executive officer at VeChain, During an AMA Blockchain-based Supply chain management firm announced “more than 4,000 sustainability products were traced” using ‘MyStory’ —traceability platform for the new partnership.
Uncle Cat Found that H&M’s Luxury Brand Cos is Likely Using VeChain Powered MyStory PlatformThis revelation by the VeChian CEO gave rise to the speculations about their partnership with H&M as the clothing brand in the past have utilized VeChain’s infrastructure for verifying organic manufacturing for its subsidiary Arket’s apparel back in 2018.
Soon after doing the math and realizing that H&M is likely the clothing brand partner, the Chinese media platform Uncle Cat found that H&M’s luxury sub-brand Cos is the new partner after they found one of their Jumper with MyStory tag.
VeChain Partnership with H&M’s Subsidiary Cos Likely to Expand FurtherThe partnership was later confirmed by an investment and blockchain firm, CREAM, which is considered as a driving force behind VeChain. CREAM released a blog confirming Cos is using VeChain’s blockchain tool and also revealed that the partnership is likely to expand further and can be utilized to bring blockchain traceability of Cos second-hand marketplace called “Resell”.
The partnership could see creation of a non-fungible token which will be tagged with each product and offered to the original buyer at the time of sale. This token could act as proof of originality in the second-hand market.
Under the partnership, VeChain would enhance the value of the premium clothing products offered by Cos, the technology would prove the authenticity of the products purchased by the customers and also reveal the sustainability of the raw products to the customers. Cos sustainable products must contain at least 50% sustainable fiber which the company claims is the minimum amount and the actual product would contain a much higher percentage of the fabric.
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