Why the fashion industry is big on making the big leap to the metaverse

Despite the slowdown of the NFT market, the fashion industry's interest in the metaverse has not waned with numerous initiatives.

By ETX Daily Up / 13 Sep 2022

Fashion, Metaverse, NFT

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Whether it's a general disinterest, the collapse of the NFT market, or being out of step with uses, the internet of the future no longer seems to garner unanimous acclaim on the metaverse. Except, it seems, in the fashion industry. In this sector, initiatives are fast multiplying. Everyone clamors to carve out a place for themselves in these new virtual worlds, as well as in the hearts of Gen Z shoppers.

Let's say, for instance, what do Hermès and Zara have in common? At first glance, not much, except for their primary target, the demanding Gen Z and their infatuation with the metaverse. Like many of their counterparts, these fashion brands — with very different worlds and market positions — have both made a sharp turn towards the virtual realm in recent months. It's no longer just a question of developing online shopping and associated services. Rather, it's about making a genuine leap into the metaverse. It's their new prime tool for advertising and communications — if not to say seduction — aimed squarely at their younger customers.

A bridge between the real and the virtual

Hermes/Instagram

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If one thing's for sure, it's that the fashion industry will not be left behind by the advent — if that ever really happens — of new virtual worlds, paving the way for many other sectors. This was reflected in 2021 with the launch of NFTs and digital collections, and continues today with experiences very similar to those offered in the real world.

Pop-up stores, advertising campaigns, muses, product launches, and even previews are all now the subject of simultaneous spotlighting in both the real and the virtual worlds.

All these events held by the fashion industry have the central aim of appealing to an ever wider audience. And if the first Fashion Week in the metaverse was not as successful as expected, fashion brands do not intend to give up on this opportunity that should, sooner or later, become a major source of profit.

Unlike some luxury brands, such as Gucci, Hermès has not yet tried to exploit the possibilities offered by the metaverse, but it could be only a matter of time. Rumors are currently circulating about the label — known for its silk squares and its Birkin bag — being about to jump into these new virtual worlds. This is partly being achieved through the filing of trademarks with the United States Patent and Trademark Office (USPTO), as a specialized lawyer has just revealed.

This could concern not only the development of NFTs and cryptocurrencies, but also virtual collections, and even fashion shows. An announcement that, if confirmed, would undoubtedly be testament to the importance of the metaverse for the luxury sector.

Related: Hermes Birkin: 5 things to know about this luxury bag

Veritable next-gen fashion stores?

Kate Spade Singapore/Instagram

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The fashion house known for its traditional craftsmanship is not the only one to be exploring these parallel universes. For its return to New York Fashion Week, September 11, Tommy Hilfiger will present the 'Tommy Factory', which the brand calls "an experiential creative playground inspired by Andy Warhol's famed New York studio," and which will be accompanied by a "synchronized Metaverse activation." A highly anticipated event that should build a bridge between the past and the present, but also between the real and the virtual.

For its part, Kate Spade is making a grand entrance into the metaverse with the opening of what looks like a pop-up store, conceived as an extension of its Fall 2022 campaign. Starting September 7, users will be able to enter a typical New York townhouse — in digital form — from the brand's official website to participate in a host of interactive experiences and activities. Decoration, music, gaming and more will be part of the experience, but users will above all get exclusive access to purchasing three of the new bags from Kate Spade's latest collection, not yet be available in physical stores.

The concept also seems to have seduced jewelry house Bulgari, which has just taken its first steps in the metaverse with the South Korean specialist Zepeto. "Bulgari Sunset In Jeju," with its virtual pop-up store and café, allows users to take part in games, interactive experiences, and to win accessories and clothes for their avatars. This operation is being carried out with the help of Lisa, one of the members of the famous K-pop band Blackpink, which is sure to pique the interest of Gen Z.

The proliferation of these initiatives in fashion — spanning both luxury and ready-to-wear — shows that the industry's interest in the metaverse has certainly not waned, despite the slowdown of the NFT market.

Synonymous with interaction, and therefore loyalty, but also proximity and accessibility, the new virtual worlds appear to be essential new communication tools for a sector that's in the throes of profound change — even for luxury fashion houses that would probably never have dared to think of taking this step just a few years ago.

Related: Luxury brands’ latest obsession? NFTs

Fashion, Metaverse, NFT