EANS-News: Lenzing AG New level of transparency in the textile industry: Lenzing introduces blockchain-enabled traceability platform
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Building on several successful pilot projects with TextileGenesis(TM), the
digital platform for the traceability across the textile supply chain has now
been introduced.
Joint Ventures/Cooperation/Collaboration/Company Information
Lenzing - The Lenzing Group, a leading company in the area of wood-based
specialty fibers, celebrates another milestone on the way to making the textile
and apparel industry more sustainable and transparent. Since 2019, Lenzing has
been using the blockchain technology powered by the Hong Kong start-up
TextileGenesis(TM) to ensure the traceability of textiles from fiber to
production and distribution. After several successful pilot projects, the
digital platform was launched on 5 November for TENCEL(TM) and LENZING(TM)
ECOVERO(TM) branded fibers. The platform provides customers and partners as well
as consumers with an overview across the entire textile supply chain.
With the COVID-19 pandemic, more changes have been brought to the already
transforming fashion and textile industries. To date, supply chain traceability
has become a top priority for apparel and home brands(1). With the blockchain-
enabled supply chain traceability platform powered by TextileGenesis(TM),
Lenzing supports the entire supply chain in meeting the increasing demand for
transparency and sustainability.
Zwtl.: Phased onboarding and new digital certificates
A follow-up of a 12-month pilot program and field trials with four leading
sustainable brands (H&M, ArmedAngels, Mara Hoffman and Chicks) and supply chain
players from 10 countries in three regions, the global roll-out of Lenzing's
blockchain-enabled supply chain traceability platform will be conducted in
phases. During the first phase, Lenzing's supply chain partners based in South
Asia (India, Bangladesh, Pakistan and Sri Lanka) will complete the onboarding
process within Q4 2020. An estimated 300+ supply chain partners in China and
Turkey will also join the program in Q1 2021. It is estimated that by Q2 2021,
most eligible Lenzing supply chain partners will be onboarded into the platform,
ensuring full supply chain traceability.
One of the core components of the platform powered by TextileGenesis(TM) is
integration with the Lenzing E-Branding fabric certification system, which
allows brands and retailers not only to access the full supply chain
traceability for TENCEL(TM) and LENZING(TM) ECOVERO(TM) branded fibers but also
to view the results of forensic (physical) verification of fabric samples via
the digitally signed Lenzing E-Branding fabric certificates.
"Over the past year, during the pilot program and field trials we have been
receiving very positive feedback from brands and supply chain partners. Our
brand partners have also been encouraging us to accelerate the global roll-out
for traceability of Lenzing fibers. With this new system and the integration
with Lenzing E-Branding fabric certificates, the entire Lenzing ecosystem will
create an unprecedented level of transparency. This will provide consumers with
the most sustainable and climate-friendly clothing and home textile products
that are made of TENCEL(TM) or LENZING(TM) ECOVERO(TM) branded fibers", says
Robert van de Kerkhof, Chief Commercial Officer and Member of the Board at
Lenzing.
"With increasing compliance and reputational risks, CEOs and Boards of top 100
fashion brands have committed to using 100 percent sustainable and traceable
fibers over the next 5 years, with transparency being a core part of business
priorities(2). Sustainability and traceability are two sides of the same coin,
and it's great to see Lenzing paving the way for the entire fashion industry to
follow. Our supply chain traceability platform will create digital accounting
for Lenzing's innovative and sustainable fibers across the entire supply chain
using Fibercoins(TM) traceability technology", says Amit Gautam, Chief Executive
Officer and Founder of TextileGenesis(TM).
Zwtl.: Fibercoin(TM) technology to ensure traceability across supply chain
Through using the innovative Fibercoin(TM) technology of the TextileGenesis(TM)
platform, Lenzing and other brand partners are now able to issue digital tokens
(blockchain assets) in direct proportion to the physical shipments of TENCEL(TM)
and LENZING(TM) ECOVERO(TM) branded fibers. These digital tokens provide a
unique "fingerprint" and authentication mechanism, preventing adulteration,
providing a more secure, trustworthy, digital chain-of-custody across the entire
textile supply chain, and most importantly, ensuring the materials are
sustainably produced.
Photo download [https://mediadb.lenzing.com/pinaccess/
showpin.do?pinCode=x1ItZniTiOHq]
PIN: x1ItZniTiOHq
(1) ISPO consumer survey, fashion revolution
(2) TextileGenesis analyses of top 100 apparel brands
Further inquiry note:
Filip Miermans
Vice President Corporate Communications & Public Affairs
Lenzing AG
Phone: +43 664 8477802
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: ATX, WBI
stockmarkets: Wien
language: English