Categories
e-commerce Editor's pick technology

Farfetch backs blockchain platform for luxury fashion

Farfetch is betting on blockchain as part of the future of luxury with the announcement of its role as a founding member of new platform, Libra Association.

It is joining forces with companies including Facebook, Andreessen Horowitz, Ebay, Spotify and Uber for the fashion-focused platform, which will launch at the beginning of 2020.

It will include a digital currency designed to ensure efficient and secure cross-border payments, as well as a focus on product authentication and transparency.

The move will see Farfetch add digital identities, such as QR codes on labels, to its inventory of 600,000 items, according to Vogue Business. It will be working with Eon, a startup from its Dream Assembly accelerator that creates digital profiles of physical products, to do so.

Farfetch CEO José Neves says he especially wants to use the technology for its resell business, which it is currently piloting under the “Second Life” header. This lets users trade designer handbags for Farfetch credit. The value of blockchain here will sit particularly in that product authenticity and provenance area – showing where an item comes from and that it is indeed real.

“Blockchain is still in its relative infancy, but we think it holds a lot of promise with regards to how it could assist the luxury fashion industry scale solutions to these consumer expectations,” Neves said. “Having data intelligence around the life cycle of a product is what really empowers the circular economy.”

Farfetch’s strategy for the blockchain platform will be developed by its new chief data officer, Kshitij Kumar.

How are you thinking about innovation? We’re all about helping you build innovative integrations and experiences. The Current Global is a consultancy transforming how fashion, beauty and consumer retail brands intersect with technology, powered by a network of top startups. Get in touch to learn more. 

Categories
business digital snippets e-commerce product Retail sustainability technology

ICYMI: Fashion’s woman problem, the hologram reality, Zara’s digitally-integrated store

Fashion women
A round-up of everything you might have missed in relevant fashion, retail and tech industry news over the past week.

TOP STORIES
  • Fashion’s woman problem [NYTimes]
  • Holograms: are they still the preserve of science fiction? [Guardian]
  • Zara opens its pioneering digitally integrated store at Westfield Stratford [TheIndustry]
TECHNOLOGY
  • JD.com plans to make courier robots smarter by enabling them to ‘talk’ to lifts, ascend towers [SCMP]
  • Loving the alien: Why AI will be the key to unlocking consumer affection [Forbes]
  • How to succeed at being a crypto and blockchain influencer without really trying [NewCoShift]
  • China’s government casts uncertainty on blockchain evolution [JingDaily]
SUSTAINABILITY
  • Nike, H&M and Burberry join forces for sustainable fashion [Reuters]
RETAIL & E-COMMERCE
  • Sephora is launching in-store beauty classes for trans people [Them]
  • Burberry is successfully steering sales into its own stores [Glossy]
  • Alibaba’s newest initiative aims to make Hong Kong a global AI hub [TechCrunch]
  • This new company is about to make fast fashion even faster [Racked]
MARKETING & SOCIAL MEDIA
  • How we made our own CGI influencer in 48 hours [TheCut]
PRODUCT
  • Fabrics of the past, present and future and the best ways to wear them [ManRepeller]
  • Hue breakthrough: Scientists engineer first active, color-changing fabric [WWD]
BUSINESS
  • MatchesFashion gets a royal wedding boost to top off bumper year [CityAM]
  • Can Walmart crack fashion? [BoF]
  • Nordstrom wants brands to embrace the ‘size spectrum’ [Glossy]
  • New Look accused of ‘fat tax’ by charging more for outfits after size 16 [Telegraph]
Categories
business digital snippets e-commerce product Retail social media sustainability technology

ICYMI: embracing AR, Artefact accepts crypto payments, why AI for retail is all wrong

Ikea AR augmented reality
Ikea

A round-up of everything you might have missed in relevant fashion, retail and tech industry news over the past fortnight.

TOP STORIES
  • Brands are finally embracing augmented reality, but not without speed bumps [AdWeek]
  • Artefact London becomes world’s first tailor to accept crypto payments [TheIndustry]
  • Why retail’s artificial intelligence bet is all wrong [QZ]
  • Who is most vulnerable to Amazon’s inexorable rise? [BoF]
  • Hubert de Givenchy dies at 91; Fashion pillar of romantic elegance [NY Times]
TECHNOLOGY
  • Macy’s advancing mobile checkout in innovation agenda [WWD]
  • Bose’s augmented reality glasses use sound instead of sight [TheVerge]
  • Nordstrom is investing in technology to support personalization and customer service [Glossy]
  • ‘People are never going to want to buy something via voice’: Alexa hasn’t caught on for fashion brands [Glossy]
  • Buying stuff with Bitcoin could get way easier courtesy of PayPal [TrustedReviews]
SUSTAINABILITY
  • H&M on why collective industry ambition is crucial for a sustainable fashion future [Forbes]
  • Sustainability is not about designing less, but designing better [Wallpaper]
RETAIL & E-COMMERCE
  • John Lewis CIO: forget incremental updates, retailers need a total tech reset to survive [Campaign]
  • Harvey Nichols joins Farfetch in a first for both companies [WWD]
MARKETING & SOCIAL MEDIA
  • Instagram could soon be launching voice and video calling [DigitalTrends]
  • The world’s first digital supermodel has arrived, here’s what you need to know [HighSnobiety]
PRODUCT
  • This designer bag is made from Burberry’s leftover leather scraps [Wired]
  • The soles of these shoes are made from recycled gum [Fast Company]
  • Allbirds wants your next sneaker to come from eucalyptus trees [BoF]
BUSINESS
  • Prada sees growth ahead despite profit drop [Reuters]
  • The running list of 2018 retail bankruptcies [RetailDive]
  • Is Dior ready for a revolution? [BoF]
  • Tommy Hilfiger’s bet on instant gratification is paying off [Bloomberg]