Coats and VTT Holdings announce new joint venture
Coats plc ('Coats') – the world’s leading industrial threads and consumer crafts business - and VTTM Holdings LP ('VTT'), which promotes a unique anti-counterfeiting technology known as VerifiTT – announce the launch of a joint venture (JV). The JV, titled CoatsVTT Limited ('Coats VTT'), will bring together the global expertise of Coats with the advanced technological capabilities of VTT in an innovative 50:50 partnership.
CoatsVTT has been granted global rights to use the existing VerifiTT technology which has been developed specifically to protect against counterfeiting and related fraudulent use of global fashion brands in textiles, garments, bags and footwear. The technology draws on an alliance with AgResearch, a government owned research institute in New Zealand and the Australian public listed company DataDot Technology Ltd, a specialist security technology provider. Coats plans to use the technology within a unique traceable thread to help combat the issue of counterfeiting and improve the chain of custody management in the textiles industry.
VerifiTT will be blended into the raw material used to create sewing thread in a way that can only be detected using a proprietary reader. The thread will then be used in the make up of garments, footwear, bags and other items to determine the authenticity of specific brands licences to individual codes.
Commenting on the announcement Paul Forman, CEO at Coats, said: 'Today’s announcement perfectly illustrates our company vision to lead the industry and to offer services of high value to our customers. Counterfeiting is a significant and growing problem for global brands. We’re delighted to be working with VTT in this joint venture and are looking forward to creating innovative, solution-focused products for our customers whilst growing Coats as a dynamic business.'