The partnership between ShinWon and Retraced forms part of ShinWon’s broad efforts to address stringent regulations in the fashion industry globally which demands transparency.
By leveraging Retraced's blockchain-based IT platform, ShinWon will ensure end-to-end transparency throughout its textile and fashion supply chain, from raw cotton sourcing to spinning, knitting, and sewing.
In addition to the partnership, ShinWon has established a team to strengthen its supply chain management system and train professional staff. This team will ensure that partners comply strictly with the relevant laws and ethical standards, performing regular evaluations to facilitate systematic partner management.
ShinWon also shared the implementation of a "detection algorithm" to upgrade the monitoring of cotton usage. This technology reportedly extracts relevant keywords from data backup, enabling transparent production tracking from raw materials to finished products.
A ShinWon representative stated: "Through our partnership with Retraced, we will manage the supply chain fully respecting information transparency, and uphold our corporate ethical responsibility. In the future, we will continue our efforts toward authentic ESG management, and we will do our best to enhance consumer trust."
ShinWon explained that amid growing global demands to address issues such as human rights, labour protection, and environmental pollution, the textile and fashion industries are under increasing pressure to enhance transparency and ethical responsibility within their supply chains. South Korean companies, in particular, are expected to comply with more stringent environmental regulations as well as respect the human rights required by the international community.
As a result of these initiatives, ShinWon shared that the company has been recognised by the Sustainable Fashion Initiative (SFI) as one of South Korea's 12 leading sustainable fashion companies, praised for its supply chain optimisation and logistics efficiency.
Looking forward, the company plans to further boost its global competitiveness by aligning with international market standards and accelerating full-scale ESG management.
In June, ShinWon also announced it is using big data and technology to predict fashion trends, enhance market insights, and meet evolving consumer demands.
