Charles-Edouard Bilbault, Co-Fund Manager & Klara Sok, Blockchain expert, analyst and co-fund manager Rothschild & Co Asset Management.
For several years now, major luxury goods companies have adopted blockchain technology, including LVMH, Richemont, Kering, Dolce & Gabbana, Prada, and De Beers, as well as Christie’s, Sotheby’s, Porsche, Rolls-Royce, Mercedes-Benz, BMW and even, quite recently, Le Bristol of the Oetker hotel group – just to name a few. And for good reason. Blockchain is a technological innovation of a rare reliability and a multitude of applications. It is able to address a great variety of issues facing this exacting industry.
At a time when competition is intensifying and customers are increasingly sensitive to the quality of products and the services that accompany them, this cutting-edge technology is a new asset. It helps to enhance and preserve the age-old know-how of the luxury professions, while accelerating their digital transformation. A daring but necessary leap.
Some are using blockchain as a technological building block to strengthen their customer relationships and, in some cases, to renew and enrich the experiential aspect of their overall offering. Others capitalize on blockchain’s advantages as a secure infrastructure for structuring digital data. They then use it as the backbone of a traceability and quality management system for their products. So, whether we like it or not, many of our most luxurious products now carry this digital footprint.
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