One year has nearly passed since LVMH, Prada Group, and Cartier, part of Richemont, and OTB Group, symbolically announce that they have entered a Global Strategic Partnership with Bain & Company. This strategic partnership will combine Bain’s industry leading management consulting with Aura’s innovative global luxury blockchain solutions.
Why did this matter for the Luxury Industry and Blockchain technology?
“The addition of Bain & Company as the exclusive knowledge partner will guarantee a world-class onboarding as well as strategy development for luxury brands working with the Aura Blockchain Consortium” - Prada Group. [Quote]
Over the last twenty years, Bain & Company has earned the reputation as a global leader in Luxury management consulting. The firm has worked with hundreds globally positioned luxury brands both upstream and downstream. They have been instrumental in leading the luxury industry towards adopting more sustainability focused business models and supply chains.
Bain offers expertise underpinned by proprietary tools and the Future of Retail Framework across every facet of the value chain. Bain also publishes closely watched reports on the evolution of the luxury market, including the annual Bain-Altagamma luxury market monitor that is one of the most quoted and recognised reports on the industry.
The Aura Blockchain Consortium is a non-profit organization created with the vision that collaboration can coexist within a competitive environment, driven by common objectives for the greater good. Aura through its innovative blockchain technology has built a comprehensive suite of solutions that covers the entire luxury lifecycle, upstream and downstream. The customer journey and experience is at the heart of the solutions which include provenance sourcing, tools to communicate authentication, sustainability, digital tokens and NFTs, providing a personalized service that creates a new layer of engagement for luxury brands direct to their consumers.
The Consortium develops standards and provides tools to enhance transparency and trust through sustainable blockchain solutions and related technologies.
Founded by luxury brands, Aura strives to make these technologies easily accessible to all luxury brands irrespective of size and location. Through its activities focused on leveraging blockchain technology throughout the manufacturing and supply chain process, Aura promotes innovation and authenticity within the luxury sector.
