Need to Know

France – LVMH–owned fashion house Patou has introduced Authentique Verify, an artificial intelligence (AI) authentication system developed by fashion tech specialist The Ordre Group. The new AI-powered tool, launched in April 2023 as part of a bag collaboration between Patou and stylist Sita Abellán, will train the system to detect imperfections found in fakes that even the naked eye couldn’t spot.

To make this possible, Patou must photograph specific parts of each item during production to create a digital fingerprint unique to each product. Customers can then use the Authentique Verify app on their phones to check if a product is legitimate. Authentique will ask users to photograph the same area to verify the outcome. This makes the authentication process more reliable, faster and more cost-efficient as it removes the need to inspect products manually. Patou will also provide unique digital IDs for products that can be transferred to a customer’s phone on proof of purchase to establish digital ownership.

This concept is an evolution of Blockchain Fashion, using new technological advances to help brands and resellers shield themselves from the quickly growing fake market.

South Africa – The World’s Wealthiest Cities Report 2023 has confirmed Johannesburg as the only city on the African continent to host 14,600 high-net-worth individuals (HNWIs). Published by international investment migration firm Henley & Partners and global wealth intelligence firm New World Wealth in April 2023, the study re-affirms the South African city’s status as the home of the largest number of dollar millionaires. Of 14,600 high-net-worth individuals, 30 are dollar centi-millionaires (individuals with investible assets of over £80m, $100m, €92m), and two are dollar billionaires.

Thanks to the city’s gold resources, the Johannesburg Stock Exchange is also Africa’s largest stock market. Quartz reports that in 2021, its cumulative wealth stood at £188bn ($235bn,€216bn), topping Africa’s chart. But the city still faces challenges, including an energy crisis, rising inflation and a ‘greylisted’ status from the global anti-money laundering and terrorism financing watchdog, Financial Action Task Force. The HNWIs in the city, although present en masse compared to the rest of Africa, have decreased from 16,000 in 2022.

To tailor to their needs, we previously looked at how South Africa continues to cement its reputation as a luxury travel destination with high-end hotel and museum openings while also looking to be more inclusive to intracontinental tourists.