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Aura Blockchain Consortium announces exclusive knowledge partnership with Bain & Company

Jeremy Lim
16 November 2021

The Aura Blockchain Consortium has announced its Global Strategic Partnership with Bain & Company, a market leader in management consulting in luxury, to support the usage of blockchain in the luxury industry

Founded by LVMH, Prada Group, and Cartier, part of Richemont, and OTB Group, the Aura Blockchain Consortium is the first initiative led by luxury Maisons to go beyond traditional frontiers as a technological hub for brands.

The Consortium aims to develop standards and provide tools to enhance transparency and trust through sustainable blockchain solutions and related technologies for the fashion and luxury industry. Through its activities focused on leveraging blockchain technology throughout the manufacturing and supply chain process, Aura strives to make these technologies easily accessible to all luxury brands regardless of size and location.

The strategic partnership will combine Bain’s industry leading management consulting with Aura’s innovative global luxury blockchain solutions. The consortium also benefits from the Bain's expertise with proprietary tools and the Future of Retail Framework across every facet of the value chain including luxury industry publishing reports that are quoted and recognised worldwide, such as the annual Bain-Altagamma luxury market monitor.

The firm has worked on hundreds of projects globally for luxury brands both upstream and downstream especially with regards to the industry’s push towards sustainability

Daniela Ott, Secretary General of Aura Blockchain Consortium, said: "Bain & Company has long been recognised as the leading management consultancy that is helping companies transform and define the future of luxury and fashion brands.

"Today Aura is the only blockchain solution that covers the entire lifecycle of luxury production and consumption. We share a common goal and are delighted to welcome them as our newest global strategic partner. Our members will now have access to world-class management consultancy to support them as they embrace the opportunities to transform their business using our blockchain solutions."

The consortium, a non-profit organisation was created with the vision that collaboration can coexist within a competitive environment, driven by common objectives for the greater good. Through its innovative blockchain technology, Aura has built a comprehensive suite of solutions that covers the entire luxury lifecycle, upstream and downstream. The customer journey and experience is at the heart of the solutions which include provenance sourcing, tools to communicate authentication, sustainability, digital tokens and NFTs, providing a personalised service that creates a new layer of engagement for luxury brands direct to their consumers.

Federica Levato, a Bain & Company Partner and Head of EMEA Luxury Practice added: "We are delighted to join the Aura Blockchain Consortium as the exclusive knowledge partner. The advent of blockchain and non-fungible tokens (NFT) has led to a whole new paradigm of how brands engage with their customers.

"As a company at the forefront of innovation and change for the luxury industry, we look forward to work hand in hand with members of the Aura Blockchain Consortium to navigate the myriad of opportunities presented by this technology and help them craft and execute their strategy for this exciting new frontier of luxury."

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