Some exciting news for the future of the resale industry! U.S.-based product authentication company Entrupy is among the 26 companies chosen for LVMH’s third edition of La Maison des Startups. Entrupy is the only company focused on product authentication. Entrupy uses an artificial intelligence-powered app and handheld hardware solution for authenticating luxury brands like Louis Vuitton, Hermes, and Chanel.
Entrupy is able to identify authentic and counterfeit products using artificial intelligence and microscopic magnification using their mobile app and portable magnification device that snaps onto a phone. Entrupy supports verification of 15 luxury brands, including Balenciaga, Chanel, Dior, Fendi, Gucci, Hermès and Louis Vuitton, among others.
Using machine learning algorithms, Entrupy has built a database of 90,000 authentic and fake items from luxury brands that operates with 99.1 percent accuracy. Entrupy is currently working with resale giants Goodwill and StockX.
Basically, Entrupy is the only option for authentication in the secondhand space because of their technology, and now they’ve got the attention of Louis Vuitton themselves. LVMH putting money behind Entrupy means that they acknowledge the resale industry and are willing to help luxury resale technology moving forward.
La Maison des Startups program will enable Entrupy to have direct communication and access to LVMH programs like Fashion & Leather Goods, Perfumes & Cosmetics, Watches & Jewelry and Selective Retailing. In addition to a unique workspace, the LVMH program will allow Entrupy to benefit from personalized coaching and support from LVMH experts.
LVMH investing in means that they are putting money behind intelligence in the resale industry instead of human subjectivity. Many resale giants use human knowledge as their only line of defense to authenticate luxury items. In many cases, the human hand and eyes are sufficient for authentication, but there are super fake counterfeits that look and feel exactly like the real thing. Incorporating technology into a first line of authentication can only help consumers make sure they aren’t buying a counterfeit item from a reputable reseller, which has happened numerous times.
I’m so excited to see what Entrupy does to the future of luxury resale.