EANS-News: Lenzing AG Lenzing presented first blockchain pilot project at Hong
Kong Fashion Summit
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Research & Development/Joint Ventures/Cooperation/Collaboration
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* Pioneering pilot project conducted with Hong Kong based brand Chicks
* A large majority of consumers wants brands to disclose their supply chain
* Transparency ensured from fiber-to-retail
Lenzing - The Lenzing Group has made a huge leap forward in introducing
blockchain technology, allowing for a new level of transparency and traceability
in the textile industry. After joining the platform of the technology company
TextileGenesis(TM) earlier this year, the world market leader in specialty
fibers made from the renewable raw material wood presented the first pilot at
this year's Fashion Summit in Hong Kong on September 05, 2019. This pioneering
pilot project was conducted in close cooperation with TextileGenesis(TM), WWF
and Hong Kong based brand Chicks.
A baseline survey on EU consumer attitudes to sustainability and supply chain
transparency in the fashion industry conducted by Ipsos MORI in October 2018
shows that a large majority of consumers (80 %) wants brands to disclose their
supply chain. The blockchain technology enables brands and consumers to identify
TENCEL(TM) branded fibers across each production and distribution step from
fiber-to-retail of the finished garment or home textiles. The technology also
allows consumers to verify the garment composition and the underlying textile
supply chain at the point of sale, simply by scanning the barcode with a mobile
device.
"Together with TextileGenesis(TM) we pursue the ambitious goal to achieve an
unparalleled level of transparency for fashion brands and consumers. We will use
blockchain technology to maximize the digital traceability of fibers, thus
making an important contribution to green up the fashion industry", says Stefan
Doboczky, Chief Executive Officer of the Lenzing Group. "This strong belief in
and commitment to sustainability will support the business with TENCEL(TM)
fibers."
In an industry's first, Lenzing issued blockchain based TENCEL(TM) fibercoins to
its supply chain partners in direct relation to physical shipments. These
digital tokens serve as an authentication mechanism, against any adulteration,
and provides secure digital chain-of-custody across the entire textile value
chain. Recognizing that data integrity and ease of use are critical, the supply
chain players conducted transactions through the data upload mechanism on the
platform. To ensure real-world complexity, a total of 49 distinct garment stock-
keeping unit (~25000 pieces), of Chicks, were tracked on the digital platform
from fibers up to retail.
"This is an important milestone for the apparel industry. Our focus is to drive
meaningful step-change in an industry where less than 5 percent of top 250
apparel brands can track their garments back to the fiber origin", says Amit
Gautam, CEO & Founder of TextileGenesis(TM).
Lenzing is carrying out further pilot tests over the next few months involving
partners along the entire value chain and expects the platform to be fully
operational as of 2020.
Photo download [https://mediadb.lenzing.com/pinaccess/
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Further inquiry note:
Filip Miermans
Vice President Corporate Communications & Investor Relations
Lenzing AG
Telefon: +43 7672 701 2743
E-Mail: f.miermans@lenzing.com
end of announcement euro adhoc
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issuer: Lenzing AG
A-4860 Lenzing
phone: +43 7672-701-0
FAX: +43 7672-96301
mail: office@lenzing.com
WWW: http://www.lenzing.com
ISIN: AT0000644505
indexes: WBI, ATX
stockmarkets: Wien
language: English