SEOUL, South Korea — September 26, 2024 — ShinWon Corporation (CEO: JJ Park) has announced the adoption of the Retraced platform, a German sustainability compliance management service, to improve transparency across its supply chain.
Amid growing global demands to address issues such as human rights, labor 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, now must comply with more stringent environmental regulations as well as respect the human rights required by the international community. To meet these challenges, textile and fashion sectors are actively sharing cutting-edge technologies and success stories to boost supply chain traceability abroad.
The partnership between ShinWon and Retraced forms part of ShinWon’s broad efforts to address these needs. Retraced is an IT platform that uses blockchain technology to gather and manage information across the entire textile and fashion supply chain. By leveraging this tool, ShinWon aims to ensure full transparency at every stage of production—from raw cotton sourcing to spinning, knitting, and sewing.
Additionally, ShinWon has established a team responsible for strengthening its supply chain management system and training 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.
Furthermore, ShinWon has implemented a detection algorithm to upgrade the monitoring of cotton usage. This technology extracts relevant keywords from data backup, enabling transparent production tracking from raw materials to finished products.
As a result of these initiatives, ShinWon has recently been recognized as one of the 12 leading sustainable fashion companies in South Korea by the Sustainable Fashion Initiative (SFI), particularly for its excellence in supply chain optimization and logistics efficiency. ShinWon has prioritized sustainability as its strategic value, and plans to further boost its global competitiveness by aligning with the standards of key international markets, and accelerating full-scale ESG management.
A representative from ShinWon 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.”
Posted: September 26, 2024
Source: ShinWon Corporation