(PRWEB UK) 8 June 2011
Today, Monday 6 June, 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.”
John Pettengill, Executive Director of the VerifiTT business, said: “The JV with Coats will provide an essential vector in delivering the technology drawing on the established relationships and advanced logistics of the world’s leading supplier of sewing thread.”
For more information please contact:
Deborah Tilley at Coats
+44 7719 342020
John Pettengill at VerifiTT
+64 21 987432
Notes to editors:
Established in 1755, Coats is the world market leader in industrial yarns and threads and consumer crafts. The company operates in more than 70 countries, with 73 factories and over 20,000 expert employees producing products for billions of consumers across six continents. Sales in 2010 were $1.6B.
About VerifiTT Technology
VerifiTT is a security technology developed specifically to protect against counterfeiting and related fraudulent use of global fashion brands in textiles, garments, bags and footwear. The technology is designed to be used covertly and includes various optional layers that further enhance the high level of protection provided. VerifiTT is also used to prove chain of custody in relation to the supply of fashion commodities such as merino wool used in carpets or high fashion garments. VerifiTT offers the highest level of security available and as such all sensitive detail underpinning the technology is closely guarded and all dealings with existing and prospective customers are held in strict confidence.