PARIS — Luxury goods reseller Instantluxe.com and authentication service Hikitag have joined forces to fight counterfeits.
Together they can grant digital certificates that prove authenticity and ownership of products, which are connected to a secure, dedicated platform to customers.
Hikitag cofounder John Candillier and Instantluxe founder Yann Le Floc’h have referred to the system as a “virtual safe” destined to protect the value of investments. It is meant to reinforce the authentication and traceability of products on Instantluxe.com.
Hikitag’s registration and peer-to-peer authentication service was created to protect labels and people against counterfeits.
It works like this: Products’ identification numbers can be activated and registered on Hikitag.com or via an application and then are matched with an authentication code accessible in the owner’s account, which is secure. Hikitag claims that together the two codes create an unbreakable combination allowing online buyers and sellers of branded products, both new and pre-owned, to easily confirm their origin.
The problem of counterfeit in the luxury goods sector is immense. According to Hikitag research, it costs the European luxury industry 26 billion euros, or $28.68 billion at current exchange, annually. In France specifically, the sum is 3.5 billion euros, or $3.86 billion, and in Italy, it amounts to 4.5 billion euros, or $4.96 billion.