Oritain, a pioneering New Zealand start-up backed by the luxury brand Chanel, has recently secured a remarkable $57 million in funding to solidify its leadership in product verification through traceability. Employing a groundbreaking combination of data analysis and forensic science, Oritain's innovative approach allows for the accurate determination of a product's true origins.
This significant investment will further propel the growth of Oritain's forensic traceability business, which encompasses cutting-edge technology for assessing product origins and composition, as well as an expanding "fingerprint" database for identification purposes. Led by investment group Highland Europe, Chanel has nearly doubled its previous investment in Oritain since their collaborative venture commenced in 2021, as reported by the Business of Fashion.
Oritain's software-as-a-service (SaaS) tools are currently utilized by approximately 100 multinational companies, including renowned brands such as Lacoste, Supima, and Primark, as highlighted by Tech Crunch. These companies rely on Oritain's solutions to ensure supply chain integrity, deliver authentic products to customers, and remain compliant with environmental, social, and governance (ESG) policies, as well as the ever-expanding regulations that incentivize and penalize responsible sourcing and production practices.
Revolutionizing Auditing Methodology
Oritain's trailblazing auditing methodology seamlessly combines forensic science with data analysis to identify the distinct natural elements present in products or raw materials. A product's "Origin Fingerprint" is formed based on factors like soil composition, climate, altitude, and precipitation, serving as an indisputable marker of its provenance. This Origin Fingerprint can be applied to audit products at any stage along the supply chain, distinguishing genuine items from fraudulent ones.
One of the most remarkable aspects of Oritain's traceability approach lies in its immunity to tampering, replication, or destruction, setting it apart from other methods in the industry.
Addressing Fashion's Supply Chain Complexities
With the fashion industry grappling with the intricacies of global supply chains, traceability has emerged as an essential frontier. The growing consumer demand for transparency and sustainability necessitates robust traceability systems that track the entire production journey, from raw materials to finished garments.
By embracing traceability, fashion brands can ensure ethical sourcing, monitor environmental impact, and detect any labor or safety violations. Improved supply chain insights, enhanced accountability, and the ability to build consumer trust are among the key advantages offered by traceability. As the industry faces mounting pressure to address social and environmental concerns, traceability becomes an invaluable tool for driving positive change and promoting a sustainable and responsible future.
Oritain's relentless pursuit of traceability excellence, backed by Chanel's unwavering support, marks a transformative chapter in the fashion industry's responsible sourcing practices. With Oritain's groundbreaking technology and the growing demand for transparency, the industry has an opportunity to elevate its ethical standards, build consumer confidence, and pave the way for a more sustainable and conscientious future. As traceability continues to gain momentum, Oritain stands at the forefront of a crucial movement that will reshape the fashion landscape for the better.
Why CommonShare's Standard Owner Benchmark is a Game-Changer in Traceability
One of the main benefits of CommonShare is that it incentivizes standard owners and certification bodies to participate by creating a system of digitally verified claims. Retailers or distributors can buy these claims and pay a small fee to certification bodies that are integrated with the system. This incentivizes everyone to share data and creates a method where one certification body's data is not shared with another's.
CommonShare's platform also benefits producers and suppliers by providing a freemium model where they can have a free profile on the site, put up products and collections, and have order requests for their products. This supports standard owners' efforts to empower direct sourcing relationships as much as possible, driving more of the economics to the producer or manufacturer that is certified.