LVMH Métiers d’Art and SMX have announced a collaboration on multiple research and development projects in order to improve the traceability of raw materials in the fashion industry.
The SMX marking technology, which can permanently mark any kind of solid, liquid or gas material, offers a manner in which brands can mark their raw materials. Using an integrated digital reader, companies can read embedded data available on the different materials without the need for lab tests.
LVMH, which represents brands such as Louis Vuitton, Christian Dior Couture, Celine and Loewe, has entered this partnership in order to protect and develop its access to raw materials.
Through the tracing of the products, ESG ethical sources can be verified, and the sorting of materials for waste becomes more efficient. There will also be an increased amount of transparency in the value chain, as the product would be followed from the manufacturing processes, to retail and then to reuse or recycling.
SMX’s marking technology and digital blockchain platform gives brands the chance to sort, reclaim and reuse raw materials in discarded products. As a result, the consumption and usage of raw materials will become more efficient, and the brand’s carbon emissions are reduced, making it possible for the company to reach the ESG expectations of its consumers and stakeholders.
“Companies are increasingly championing a new vision to epitomize the leadership role it plays in society and the impact of its operations and products on the environment. Major luxury and lifestyle brands are actively transitioning from a linear to a circular business model,” said CEO and founder of SMX, Haggai Alon.
Once the research and development projects have been completed, LVMH Métiers d’Art will have more of a foundation for a transition to the sustainable circular economy in-depth knowledge of the supply chain, as well as complete traceability of origin. The first project is set to be finished in 2022.
“With SMX’s white label B2B offerings, luxury brands can shape the future of the industry 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,” said Alon.