LVMH
LVMH Métiers d’Art and SMX have announced collaboration on multiple research and development projects, in order to increase the traceability of raw materials in the fashion industry.
Brands can mark their raw materials using the SMX marking technology, which can permanently mark any type of solid, liquid, or gas material. Companies can read embedded data present on many materials using an integrated digital reader, eliminating the requirement for lab tests.
This alliance was formed by LVMH, which represents labels such as Louis Vuitton, Christian Dior Couture, Celine, and Loewe, in order to safeguard and enhance its raw material access.
Through the tracing of the products, ESG ethical sources can be verified by product tracing, and material sorting for waste can be made more efficient. The value chain will also be more transparent, as the product will be tracked from manufacturing through retail, and subsequently to reuse or recycling.
Brands can sort, reclaim, and reuse raw materials in discarded products using SMX’s marking technology and digital blockchain platform. As a result, raw material consumption and utilization will be more efficient, and carbon emissions will be minimized, allowing the company to meet the ESG expectations of its customers and stakeholders.
Haggai Alon, CEO and founder of SMX, said that companies are increasingly supporting a new vision to exemplify their leadership role in society and the environmental impact of their operations and products. Major luxury and lifestyle firms are aggressively shifting from a linear to a circular business model.
LVMH Métiers d’Art will have more of a foundation for a transition to a sustainable circular economy after the research and development projects are completed, including in-depth knowledge of the supply chain and comprehensive traceability of origin. The first project will be completed in 2022.
Alon added that with SMX’s white label B2B offerings, luxury brands can shape the industry’s future by creating desire-inducing narratives that connect tangible sustainable ESG practices with their transparent traceability strategy to create a profitable lifetime relationship with their customers – that is circular rather than linear or transaction.
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