The LVMH Innovation Award ceremony, known as the tech version of the LVMH Prize, took place today at the Viva Technology show in Paris. This prestigious event aims to foster collaborations between LVMH Maisons and promising startups. Divided into six categories, winners were selected from each, with an overall Grand Prize winner. This year, an additional special prize was awarded for Artificial Intelligence (AI).

Save Your Wardrobe, a tech-enabled clothing and repair platform, was honored with the Grand Prize, as well as winning the Omnichanel & Retail category. The platform, developed by founder and CEO Hasna Kourda, supports companies in providing care and repair services, offering an effortless and luxury-focused experience to customers. Save Your Wardrobe integrates automated logistics, operational management, fluid customer communication, and live data reporting. It can be seamlessly integrated into various channels, including in-store, online, or with brands' existing CRM systems. The platform also enables collaboration with in-house service providers or a network of vetted clothing care specialists worldwide.

Bernard Arnault, Chairman and CEO of the LVMH group, praised Save Your Wardrobe for exemplifying the company's commitment to creative circularity. He cited LVMH maison Rimowa's recently announced Re-Crafted service, which refurbishes pre-owned Rimowa aluminum luggage, as another example of the group's dedication to sustainability. Mr. Arnault also noted that successful startups share common attributes with LVMH Group, such as innovation, creativity, quality execution, entrepreneurial spirit, and a commitment to diversity, fairness, and environmental concerns. He humorously remarked that LVMH itself was once a startup and still maintains a startup ethos due to its familial culture, stating, "The group is controlled by my family, but every employee is also a part of that family."

The AI prize was awarded to ChatLabs, a company that specializes in creating hyper-personalized and highly-converting social commerce experiences with storytelling at their core. Leveraging AI technology, ChatLabs optimizes conversion rates from social engagement. While currently operating in the APAC region, where integrated social platform WeChat is widely used by brands, the company aims to explore opportunities to deploy its technology in the more fragmented Western system, according to SVP Sales and Marketing Michel Tjoeng.

Absolute Labs, winner of the Immersive Digital Experiences category, was also prominently involved in Louis Vuitton's recent Treasure Trunks NFT project. Absolute Labs has developed the first blockchain analytics and Web3 marketing automation platform. This innovative solution assists brands in formulating nonfungible token pricing strategies based on relevant blockchain analytics. By identifying market trends and conducting customer segmentations, Absolute Labs enables the automation of targeted marketing campaigns to customers through their wallets. CEO and founder Samir Addamine likened the product to a Web3 version of Salesforce, emphasizing the importance of creating deeper relationships and highlighting Web3 wallets as the future of marketing.

In other categories, Neobrain, an AI-powered talent management solution, won in the Employee Experience & D&I category. Woola, a company focused on helping businesses replace plastics with sheep's wool waste products, was honored in the Sustainability & Green Tech category. Vid Mob, utilizing AI for analyzing and improving ad performance, secured the Prize for Image & Media for Brand Desirability. Living Packets, known for developing a reusable, secured, and connected packaging experience, triumphed in the Operations Excellence category.

While the Grand Prize winner will receive personalized support for a year at La Maison des Startups, LVMH's business acceleration program at Station F in Paris, all the finalists are invited to join the Group's innovation incubator. Through this program, startups will receive mentoring to help develop their offerings in collaboration with LVMH and its 75 Maisons.

Laetitia Roche-Grenet, LVMH Directeur Open Innovation, expressed the transformative impact of being part of LVMH Maison Des Startups, stating, "Becoming an entrepreneur is not an easy game, but being part of LVMH Maison Des Startups is a game changer."

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Sources: https://www.forbes.com/sites/stephaniehirschmiller/2023/06/15/lvmh-innovation-award-winners-announced-at-viva-tech-circularity-ai-web3-louis-vuitton-nfts/