Stock Groups

Italian fashion group OTB joins LVMH-led blockchain platform By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO: A model presents a creation by Dutch designers Viktor Horsting and Rolf Snoeren as part of their Spring/Summer 2015 women’s ready-to-wear collection for Viktor & Rolf fashion house during Paris Fashion Week September 27, 2014. REUTERS/Gonzalo

MILAN (Reuters – OTB is an Italian fashion brand that has joined a consortium of luxury goods heavyweights LVMH (OTC:), Prada (OTC 🙂 and Richemont owned Cartier. This consortium utilizes blockchain technology to track the origin of expensive products, in order to prevent counterfeiting.

Aura will be the platform, which allows users to monitor a product’s entire life cycle. It uses a digital database that stores data in such a way that information cannot be modified or altered.

In April, the initiative was initiated by rival brands and is rare in that it combines two companies. The goal of this collaboration is to increase transparency over where luxury goods were made and give owners certificates of authenticity.

OTB – which stands for Only The Brave – owns brands including Diesel, Maison Margiela, Marni and Viktor&Rolf and acquired Jil Sander in March.

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