Luxury brands embracing the future with virtual worlds & gaming
There’s a new way for cashed up kids to spend their hard earned. Luxury handbags are a status symbol recognised the world over. Now, they’re getting the digital treatment.
Global fashion powerhouse Gucci made headlines recently with a transaction for one of its popular Dionysus bags, usually retailing for a cool $3330 in Australia. However, you won’t be wearing this flashy bling to glitzy poolside soirees anytime soon.
The transaction took place on Roblox, an online gaming platform, and the handbag in question consists of nothing more than pixels in the cloud. The price tag, however, was still enough to make a fashionista blush at a cool US$4115 — that’s right, at $5421 Aussie, the price tag was greater than for the physical item itself.
The bag and other digital-only items were part of a limited Gucci collection for Roblox, a move by the iconic fashion house — which prides itself on Italian craftsmanship — to enter an expanding virtual space where many of its youngest admirers are already comfortably at home.
It’s the latest move in a growing trend by major fashion houses to tap into the lucrative youth market. Before the pandemic, LVMH designed a signature collection for Riot Games’ League of Legends. Burberry teamed up with technology giant Tencent last year to add its hallmark tartan design to characters in the popular Honour of Kings video game.
On The List
While fashion pushes into these new digital frontiers, the industry is expanding into more obvious avenues as well.
Once market darling and now lagging social network Snap (formerly Snapchat) has embraced the digital push by fashion brands with the announcement in May of its own Augmented Reality (AR) powered glasses — Spectacles, distributed to a select group of app developers and creators. Snap also announced a partnership with recommerce marketplace Poshmark, which could mean augmented reality ecommerce is in our near future.
Besides, we’re already seeing the buds of a very profitable pathway to the trillion-dollar e-commerce garden. In February, cult fashion boutique Machine-A and the Institute of Digital Fashion are launching an augmented store environment, akin to a virtual reality store, to promote London Fashion Week.
The future is already here — it’s just not very evenly distributed.
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