Aura partners Bain & Co to support blockchain in luxury sector

Founded by LVMH, Prada Group, Cartier and OTB Group, the Aura Blockchain Consortium has revealed it has entered a global strategic partnership with Bain & Company.

The addition of Bain & Company as an exclusive knowledge partner will, according to the firm, guarantee a world-class onboarding as well as strategy development for luxury brands working with the Aura Blockchain Consortium.

During the last two decades, Bain & Company has earned a reputation as a market leader in management consulting within the luxury sector.

Its portfolio already has hundreds of global projects for luxury brands both upstream and downstream especially regarding the industry’s push towards sustainability.

Bain offers expertise underpinned by proprietary tools and the Future of Retail Framework across every facet of the value chain.

It also publishes closely-watched reports on the evolution of the luxury market, including the annual Bain-Altagamma luxury market monitor – one of the most quoted and recognised reports on the industry.

Through its innovative blockchain technology, Aura managed to build a comprehensive suite of solutions that covers the entire luxury lifecycle.

Transforming business through blockchain

Aura secretary general – Daniela Ott (main photo – centre) explained Aura was the only blockchain solution that covered the entire lifecycle of luxury production and consumption.

“We share a common goal and are delighted to welcome them as our newest global strategic partner,” she said.

“Our members will now have access to world class management consultancy to support them as they embrace the opportunities to transform their business using our blockchain solutions.”

Federica Levato (pictured right) – a Bain & Company partner and Head of EMEA Luxury Practice, added the advent of blockchain and non-fungible tokens (NFT) had led to a whole new paradigm of how brands engage with customers.

“As a company at the forefront of innovation and change for the luxury industry, we look forward to work hand in hand with members of the Aura Blockchain Consortium to navigate the myriad of opportunities presented by this technology and help them craft and execute their strategy for this exciting new frontier of luxury,” she said.