Kering Eyewear, a luxury eyewear conglomerate, has launched an inclusive data platform that uses blockchain technology to allow assessments and traceability across all manufacturing processes.
V.I.R.T.U.S is a trusted, integrated, trustworthy, trustworthy, unique, and secure platform that will enable the company to assess the impact of its value-chain. It is in line with the company’s commitment to sustainability and environmental responsibility. The project is also in line with the Kering Group’s overall sustainability pillars: Create innovation, care for the planet, and collaborate with others.
The company oversees eyewear made by Gucci, Cartier and Balenciaga. It will use blockchain technology in order to quantify and measure the impact of each party and process throughout production. Each member of the group will have to log data on the platform in order to verify they adhere to Kering Eyewear’s environmental standards and quality practices.
Barbara Lissi (global head of supply chain), stated that V.I.R.T.U.S was a challenging and complex journey through innovation and sustainability. After a three-year launch phase we are now in a position to begin building a clear and transparent road map of our entire supply chain. We can also gain detailed analysis and knowledge about each component and the manufacturing techniques that underlie what we do.
She said, “We believe that sharing truthful information, tracking the source of raw materials and components used is the best and most respectful way to verify the quality of our products as well as their compliance with our ethics and aesthetic standards.”
Promoting transparency and cross-collaboration
Kering Eyewear used the blockchain platform to create advanced workflow solutions across the various companies. This allowed each partner to see its contribution. The project has now 16 partners and will expand to the entire Kering Eyewear supply chain beginning next year.
Data can be used to trace a product’s entire lifecycle, from its beginnings to its completion.
Blockchain technology allows for unalterable transactions without intervention. Further trust and authenticity are assured by the technology’s inability to be hacked or manipulated.
Through the promotion of peer to peer networks under a common project, the implementation aims to increase transparency and raise awareness about the impact each stakeholder has on value chain. It also aims to improve cross-collaboration which is a key element of Kering Eyewear’s growth strategy.