“Sustainability is complex for buyers to understand, which is why transparency and education really go hand in hand,” says Baker. “We’re seeing a high click-through rate on the certifications, demonstrating buyer interest in learning more about what’s behind the logo.”
Positive Luxury, a London-based company that accredits ESG efforts through its Butterfly Mark, is also using blockchain to improve transparency and make it easier for brands to track their progress. “With our blockchain and QR code-based pages, brands in our portfolio will have a simple dashboard that shows them where they stand and the return on their sustainability investment,” says Diana Verde Nieto. , co-CEO and co-founder.
Demand is growing, says Verde Nieto. “Before, when we were bringing brands to Positive Luxury, we might be linking up with a brand’s marketing director. Now, the CEO and the board are involved, because ESG credentials have a real impact on the valuation of the company, as well as on the operations of the company. Positive Luxury’s new blockchain-based initiative, called The Connected Butterfly Mark, is available from September.
Such options are also popular in fashion. The Aura Blockchain Consortium, a nonprofit supported by LVMH, has joined the Sustainable Markets Initiative (SMI), a coalition aimed at accelerating a more sustainable future in fashion. The SMI was launched in Davos in 2020 by Prince Charles.
Berlin-based tech company Planetly offers a three-pronged offering: measuring and identifying ways to reduce carbon emissions, providing companies with software to help manage ESG objectives, and providing investors with tools to manage sustainability KPIs in their investments. “A big part of the process is working with brands to help them identify the right KPIs,” says Micha Schildmann, vice president of strategy. “Water saving, biodiversity and social aspects, such as fair working conditions, are likely to be addressed by many.” Planetly, founded in 2019 and acquired by US company Onetrust in December 2021, counts Finnish beauty brand Lumene and vegan nail polish company Gitti among its clients.