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Cos, the luxury subsidiary of fashion brand H&M, appears to have partnered with blockchain platform VeChain, to provide detailed supply chain tracking data to customers.
Although H&M has yet to confirm the partnership, the main investor in VeChain is already speculating on how the collaboration between the two companies will be expanded.
VeChain CEO reveals new project with “fast fashion brand”
During a recent ‘ask me something’ (AMA) with Sunny Lu, the chief executive of blockchain-based supply chain management platform VeChain, rrevealed that the company is working on a new project with a “fast fashion brand” with which it had previously partnered.
Lu stated that “more than 4,000 sustainability products were tracked” using ‘MyStory‘, a tracking platform powered by VeChain that was developed with the international classification society DNV GL.
Speculation quickly arose that the mystery partner must be H&M, the Vechain platform had been used to verify the organic manufacturing that underpinned the manufacturing of H & M’s subsidiary, Arket’s clothing, in 2018.
The investigation carried out by the Chinese media platform, Uncle Cat, quickly identified H&M high-end fashion brand Cos as the potential partner, before discovering one of the company’s jumpers with a MyStory tag.
Since its founding in London in 2007, Cos has expanded to encompass 290 physical stores located in 44 different jurisdictions.
VeChain investors believe partnership with Cos will expand
An article published by Cream, a blockchain and crypto investment firm and “one of the main driving forces behind VeChain”, suggests the association could also see the blockchain technology used to improve Cos’s second-hand market, ‘Resell’:
“For example, apparel may have an NFT (non-fungible token) pairing generated at the point of sale, providing the new owner with a token that demonstrates its authenticity and an immutable ownership record.”
Cream suggests that VeChain and MyStory could also be used to enhance transparency of the internal supply chain, in addition to monitoring sustainability towards the consumer.
In 2019, ConsenSys launched a platform in partnership with Microsoft and the French global luxury goods conglomerate, LMVH, to verify the authenticity and ethics of high-end fashion, including the Louis Vuitton and Parfums Christian Dior brands.
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