- VeChain’s traceability solution has been praised by H&M’s head of sustainability
- VeChain’s role in the fashion industry shows that the world be different post-pandemic
- With transparent information about products, consumers can make informed decisions
VeChain News Today – Anna Gedda, who serves as the head of sustainability at H&M Group, has spoken about the post-pandemic vision that implementing VeChain’s solution will bring. The quarter two report shows that H&M posted a sales decline of 50% leading to the closure of 80% of its stores worldwide. Gedda, in an interview, proposed a new vision for the H&M Group.
Gedda gave details of VeChain’s role in the creation of the post-pandemic fashion sector. She emphasized how H&M had to quickly adapt to overcome the crisis. She also talked about the impact of Blockchain technology on their organization. According to Gedda, H&M has faced a global problem during the pandemic. The problem was complex and affected employee health, profits, and the supply chain.
The Impact of VeChain’s Role in the Sustainable Fashion Sector
Gedda stressed that the world post-pandemic will be different. All industry players were reportedly impacted by the pandemic. Hence, the “digital phase” of the sector has been accelerating and will continue to grow. One change that the industry will improve is H&M’s vision to see a fashion sector with sustainable products “accessible to many people.
Additionally, H&M wants to become a job and income source. This is why the company has decided to work with VeChain to improve its transparency. They will give users access to data that lets them know them how, when, and where a product was manufactured. In this way, users will have the ability to verify that they are using an environmentally friendly supply chain.
Consumers can Now Make Well Informed Decisions
Gedda cited a project that was launched by H&M and VeChain earlier in 2020 called My Story. Through the My Story labels (which was developed with DNV GL), users can now verify the authenticity of their COS’ sweaters. They can now determine whether they were made with sustainable materials or not. With transparent data about products (where and how a product was made), consumers are now more empowered to make better-informed decisions. This ensures that everything they purchase is designed and manufactured with responsibility for individuals and the environment.
At the beginning of this year, COS collaborated with VeChain. The goal of the partnership was to allow customers to know the complete history of sweaters made from recycled wool. With Blockchain technology, consumers were able to trace where the leftover wool came from, the mill where it was spun, and the knitting factory. They can do this by scanning the QR code on a map hangtag.