In LVMH Moët Hennessy Louis Vuitton’s third edition of La Maison des Startups, which received more than 1,000 applicants, U.S.-based product authentication solution Entrupy was among the 26 companies chosen for this season’s program — and the only one focused on product authentication.
Vidyuth Srinivasan, chief executive officer and cofounder of Entrupy, whose solution helps prevent counterfeits from entering the supply chain, expressed his excitement in collaborating with start-ups “who understand the challenges facing the industry.”
Other areas of focus for the participating start-ups include omnichannel logistics, clienteling, in-store experience and personalization. Entrupy is an artificial intelligence-powered app and handheld hardware solution for authentication that operates with 99.1 percent accuracy, founded in 2012 officially.
With a focus on luxury handbags, Entrupy supports verification of 15 luxury brands, including Balenciaga, Chanel, Dior, Fendi, Gucci, Hermès and Louis Vuitton, among others.
A Chanel bag, for example, can warrant as many as 500 data points that are mapped during Entrupy’s guided, hand-held authentication process during which a handful of images are collected. Within minutes, the device tells whether the product is authentic or “unidentifiable,” — not “fake,” as Entrupy must again take in the variances from user error.
Best to retest with a steady hand.
The LVMH accelerator will allow closer collaboration between brand and start-ups such as Entrupy, with a hope to remedy industry pain points as it relates to authentication.
In the U.S. alone, some 35,000 shipments were seized by the U.S. Customs and Border Protection and U.S. Immigration and Customs enforcement agencies in 2017. Of the seized shipments, 15 percent were apparel and accessories.
Entrupy’s solutions are tapped by governments, (including the commercial compliance and consumer protection sector in Dubai), retailers (such as Goodwill Orange County), online marketplaces and manufacturers, in addition to third-party resellers.
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