- Security Matters (SMX) is taking the lead in helping the fashion industry’s attempts to address a $40-billion problem
- The company’s technology helps producers and consumers determine if the materials they use have been ethically sourced and authenticates the finished goods
- Given the fashion industry accounts for up to 10 per cent of the global emissions, the business believes its technology is needed now more than ever
- SMX has already teamed up with LVMH Métiers d’Art to try and improve the transparency and sustainability of the luxury brand’s products
- At the close of market on December 6, shares in Security Matters are trading at 30 cents per share
Australian company Security Matters is taking the lead in helping the fashion industry’s attempts to address a $40-billion problem.
The company’s unique technology helps producers and consumers determine if the materials they use have been ethically sourced, and it gives them full confidence in the authenticity of the finished goods.
The tech addresses significant concerns around sustainability, with solutions that also enhance brand protection, effectively allowing major brands to integrate and establish circular business models.
It’s widely estimated, and widely accepted, that the fashion industry accounts for as much as 10 per cent of the global emissions and produces as much as 20 per cent of the world’s wastewater.
The industry acknowledges the issues, which are compounded by counterfeiting and exploited labour in third world sweatshops.
It amounts to a $40-billion dollar a year stain on a $2 trillion industry.
In 2018 the global fashion sector addressed its contribution to climate change by launching the Fashion Industry Charter for Climate Action.
Under the auspices of UN Climate Change, leading fashion brands, retailers, supplier organisations and others agreed to collectively address the climate impact of the fashion sector across its entire value chain.
Industry leaders, including Burberry, Esprit, Guess, Gap Inc. Hugo Boss, H&M Group, Levi Strauss, Adidas, Puma and others committed to implementing or supporting the 16 principles and targets that underpinned the Fashion Climate Charter.
More recently, Security Matters announced a collaboration with LVMH Métiers d’Art on a series of research and development projects aimed at improving the transparency and sustainability of the luxury brand’s products.
Security Matters Chief Executive Officer Haggai Alon leads a team that provides a turn-key solution to address the fashion industry’s key challenges.
“Our technology enables a marker, made of sub-molecular particles, to be applied to any type of raw material so that it can be accurately tracked and traced throughout its production lifecycle using blockchain technology,” Mr Alon said.
“A unique reader identifies the marker, enabling our clients to securely identify and monitor items from their origin through to customer purchase and recycling in real time without the need for extensive lab tests.”
Tens of millions of garments are sent to landfill every year.
Security Matters’ unique marker and reader technology allows brands to sort and reclaim raw materials that would otherwise end up in landfill.
As one of the most environmentally damaging industries, the fashion industry is quickly recognising the value of SMX’s technology in transitioning to more sustainable practices.
“The leading companies in the fashion sector are increasingly championing a new vision to strengthen their commitment to sustainability and minimise their impact on the environment,” Mr Alon said.
“It is our mission, and a privilege, to help the industry as major luxury and lifestyle brands transition from a linear to a circular business model while also providing solutions to the myriad issues around brand protection and counterfeiting.”
The Security Matters technology offers applications across a broad range of industries. Its chemical-based marker can be applied to solids, liquids and gases.
It is active in markets across plastics, electronics, precious metals, agriculture, and food and beverage, creating complete visibility along the entire supply chain.
Shares in Security Matters were trading at 30 cents each at the close of market on Monday, December 6.