Luxury Venture Group selects its first Luxury Innovation Award winners


collectID awarded 3rd place in the watches, jewelry, and fashion category at the Luxury Innovation Award.

The Luxury Venture Group (LVG) is a Swiss-based incubator accelerator, and venture capital ecosystem to scout, select, accelerate, and invest in startups from luxury and related industries. In 2019, Deependra Pandey founded the Luxury Venture Group, a first-of-its-kind Swiss incubator dedicated to facilitating collaboration between startups operating in the luxury space, established luxury brands, and investors.

LVG’s first global competition for luxury startupers, has just ended in Geneva. 149 startups from 34 countries applied across four broad luxury categories.

collectID was the second runner up as a promising technology wizard. Using blockchain, collectID offers a solution against counterfeiting, but this time, it focuses on clothing and accessories. It sells a solution whereby brands can equip their products with NFC tags and register their products through the blockchain.

For collectors purchasing second-hand items, this is an opportunity to find out whether the item is authentic, and where it was sold in the first place. To brands, collectID brings an opportunity to track product location and get in touch with current owners and collectors, over the entire product life cycle. For brands, this is a new approach to customer relationship management and grey channel reduction.