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The rapidly growing desire of consumers with regards to sustainable clothing has been increasing the demand for blockchain-based solutions that enable brands to demonstrate ethical sourcing and traceability in a manner that may not have been possible before.
Existing Challenges
The luxury apparel sector has been adapting to quite a few challenges. For one, there is the swift growth of counterfeit goods, which have become a worldwide and highly sophisticated market valued at billions of dollars. Recent estimates from the Global Brand Counterfeiting Report place losses at over $100 billion, a staggering amount, highlighting the increasing prevalence of counterfeiting within luxury goods.
As a result, ensuring brand authenticity has quickly risen to the top of business agendas. After all, when goods from a popular fashion label have been counterfeited, reputations constructed around origin, quality, and craft are inevitably impacted. The leading brands are then faced with the priority of finding new ways of assuring consumers that they are purchasing genuine products.
The narrative that surrounds fast fashion, which is commonly associated with unsustainable sourcing, opaque supply chains, higher water use, and global transportation, has sullied the reputation of the entire industry. Brands feel a lot more compelled…
