- VeChain expands its partnership with H&M to include another globally active brand COS.
- The aim is to verify the authenticity of high-quality garments.
VeChain has already entered into a partnership with H&M in 2018. The in-house clothing brand Arket uses VeChainThor blockchain to track products and verify their authenticity. In a recent Ask-Me-Anything session, VeChain CEO Sunny Lu caused wild speculation as VeChain is working with DNV GL on a new “fast fashion brand” project.
Does VeChain cooperate with Modelable COS?
The Chinese media portal “Uncle Cat” has taken a closer look at the speculations and gained important insights. COS is a high-end label under the H&M brand with over 270 local stores worldwide. According to the article, My Story™ labels could be found on several COS sweaters with a My Story™ tag.
Some Reddit users also confirm that COS products in China carry these tags. The report further states that for COS, the authenticity of their products is an important part of building their brand image. Furthermore, the global head of sustainable development at H&M describes how the clothing giant will be using more sustainable and recyclable materials in the production of its clothing by 2030.
My Story™ is a block chain-based tracking solution developed by VeChain partner DNV GL, which allows products to be fully documented and tracked worldwide from the point of production to the end user. My Story™ has already been used for tracking high-quality Italian wine, Norwegian salmon and a whole range of other food products.
Blockchain-based solutions can effectively stop product piracy worldwide, which is responsible for more than $538 billion in damages, and increase transparency for consumers and processing companies alike. Recently, VeChain entered into a cooperation with the Chinese natural gas giant Shanghai Gas (Group) Co, Ltd.
VeChain course shows upward trend
VET’s price has risen by 2.26% in the last 24 hours to a price of $0.0041. With a market capitalization of almost $268 million, VeChain continues to rank 32nd among the world’s largest cryptocurrencies.