TOP METAVERSE FASHION NEWS 12.09.2022

Luxury fashion houses are funneling millions into the metaverse. But to what end?

CNN by Oscar Holland

When a virtual Gucci Dionysus handbag sold online for the equivalent of $4,115 last year, it wasn't the price tag alone that made headlines -- it was the fact you could have bought the real thing for $700 less.

The four-figure sum, paid by a user on the gaming platform Roblox, was relative pocket change for a label that generated revenues of $9.7 billion in 2021. In fact, the Italian luxury giant had initially sold the digital bags for just 475 "Robux" (equivalent to under $6) each, with the astronomical prices only later achieved on the re-sale market.

What the moment demonstrated, however, is that there are people who place as much -- if not more -- value on their digital wardrobes as their physical ones.

This is an idea that has transformed the fashion industry in the past two years. From Balenciaga selling character skins on Fortnite to Ralph Lauren launching a digital clothing line on South Korean platform Zepeto, luxury brands have rushed into these new and hugely popular digital worlds.

Regardless of whether these platforms are part of the so-called "metaverse" (a term thrust into the spotlight when Facebook rebranded itself as Meta last year) or simply online games, millions of people are spending their time in immersive, interconnected digital environments. As such, major labels are setting up shop with virtual events, exclusive drops and avatar clothing collections.

The industry is abuzz with hyperbole about opportunities in the emerging digital landscape, with a recent report by consulting firm McKinsey saying that fashion is "at the forefront of the metaverse shift." According to Charles Hambro, whose firm Geeiq (pronounced "Geek") helps companies including Tommy Hilfiger and Farfetch to "navigate the metaverse," this enthusiasm may stem from mistakes of the past.

"Fashion brands were particularly slow to social media," he said in a video call from London, explaining that in the mid-2000s labels were dismissive of then-new platforms like Facebook. "They don't want to be late again."

"There are 3.2 billion people that play games now, and they aren't just going into these virtual worlds to play -- they are also, crucially, going in to socialize," he added, comparing the fashion industry's recent efforts with its attempts to "align with R&B and hip-hop culture" in the 1990s. "If a brand wants to be culturally relevant, it's really important for them to be connecting with this audience."

Experience matters

On face value, digital apparel is just another source of revenue for luxury brands. Dolce & Gabbana's first NFT series, a nine-piece collection featuring dresses, crowns and a men's suit (more than half of which were simply digital versions of physical items), sold for a reported $5.7 million last year via the luxury marketplace UNXD.

The margins are unquestionably attractive: The cost of creating, say, a pair of virtual sneakers that can be replicated infinitely for free will be drastically lower than manufacturing and distributing thousands of their physical equivalents. Read more...

Photogenics launches new avatar division helping models monetise in the digital world

FashionUnited by Rachel Douglass

LA-based modelling agency Photogenics has announced the launch of a new Avatar division, allowing brands to further explore the digital world while enabling models to monetise their careers beyond the physical.

Engineered alongside designers Nina Hawkins, also known as Ninocence of Lilium Labs, and Horizon Lab’s Sage Morei, with the help of John Caldwell of Wave Financial & Unicorn DAO, who served as a mentor, the new division will offer up avant-garde, photorealistic avatars, created by scanning a model’s face using a camera and a proprietary stitching algorithm.

The Photogenics Avatar Division will be launching this month with 13 models, including Sedona Legge, Milan Dixon and Dasha Nguyen, each of which have been transformed into virtual reality characters. The final digitised avatars can be used for animation, digital art or to display clothes, offering an alternative form of presentation for brands and retailers alike.

The agency, which was founded by former model Nicole Bordeaux and Smashbox Studios co-founders Dean and Davis Factor , is one of the first in the modelling industry to dive into this fast developing space as fashion brands become increasingly prominent within the metaverse. A number of digital designers and fashion platforms have already got involved in the project’s launch, including independent creators Nusi Quero and Yimeng Yu, and digital fashion e-commerce platform, DressX, which boast a wide selection of designers.

Speaking to FashionUnited, Bordeaux outlined the added value behind metaverse-based modelling, what opportunities it presents for each creative party and why brands should consider experimenting with this sector.

Why did you decide to launch this avatar division?

After the pandemic I felt an urgency for remote based business, the digital landscape, and the emerging pool of incredibly talented 3D artists. As an art driven agency I was intrigued by the metaverse, and thought well this is a game changer, why not me? I can do this. As trailblazers in the industry, we wanted to create this opportunity so that our industry doesn’t fall to computer-generated talent. Read more...

CFDA Will Mark 60 Years via Metaverse Exhibit, NFTs

WWD by Adriana Lee

The Council of Fashion Designers of America will honor the past by stepping into the digital future, with a virtual exhibition and new digital fashion NFTs.

In 1962, Eleanor Lambert founded The Council of Fashion Designers of America to put American fashion on the map. Sixty years later, the mission to champion U.S.-based designers remains the same. What’s different is the map: The association is working on its very first foray into the virtual world, the CFDA exclusively told WWD.

To celebrate its milestone anniversary, the association will hold its inaugural metaverse fashion exhibition in The Sandbox, as well as auction its premiere collection of NFTs.

The virtual event, titled “Fashioning the Shades of American Design,” was curated by Cleveland Museum of Art’s Darnell Lisby. As assistant curator of fashion at the museum, Lisby trained his discerning eye on the entirety of CFDA’s six decades to handpick 60 looks that exemplify the essence of American fashion.

That was no easy task, according to Lisby. “As a fashion curator, it’s very difficult when you sometimes have certain parameters, but you’re trying to fit so much in such a very tight space,” he explained to WWD. “At the same time, you’re trying to get as many voices [in, or] as much of a voice to as many as you can.

“I think the one thing that all of us — everyone at the CFDA, as well as our digital partners and myself — we all agreed that diversity should ring true throughout the exhibition and this metaverse experience,” he added. “I wanted to figure out how I can group different designers in ways that complement one another, but at the same time, create a succinct story.” Read more...

PUMA Leaps Into the Metaverse With Its First Digital Experience

HYPEBEAST by Elliot Santiago

Black Station features exclusive NFTs with limited edition redeemable physical sneakers.

If you’re a footwear company and you’re not diving into the metaverse then you’re already ten steps behind. Between Nike‘s innovative partnership with RTFKT and adidas‘ rollout with Prada, the space is quickly seeing growth in the space, and now PUMA (XETRA:PUM.DE +2.37%) is up next. The German sportswear brand has just announced Black Station — its first metaverse website experience.

Unveiled during New York Fashion Week, the digital initiative which features exclusive NFTs with limited editionredeemable physical sneakers as part of its ‘FUTROGRADE’ show. The immersive and interactive site allows consumers to dive into PUMA’s future and experience web3 activations over the course of the year and beyond.

“Twenty years ago, Black Station was PUMA’s home for our most innovative designs in fashion,” said Adam Petrick, PUMA’s Chief Brand Officer. “Given the boundaries we are pushing from a product design and digital standpoint, we found it fitting to bring Black Station back as a new portal for digital exploration across fashion, sport performance, our heritage classics, and innovation.” Read more...

Bloomingdale’s goes all-in on metaverse with new virtual store

TechCrunch by Christine Hall

Iconic department store Bloomingdale’s is celebrating its 150th anniversary with a new virtual store, designed by Emperia , that will go live during New York Fashion Week, which starts September 9.

Virtual department stores aren’t a new concept. You might recall eBay doing something similar in 2013, and individual brands more recently. In fact, the concept is something Bloomingdale’s has worked on for a while as it created a more robust relationship with its retailers and customers.

The department store’s chief marketing officer Frank Berman told TechCrunch via email that the company “experimented with virtual fashion shows and interactive windows” over the past 10 years, but that the 150th anniversary “gave us the opportunity to think bigger and put our customers front-and-center.”

“Working with Emperia, we were able to see the potential of creating an immersive, virtual shopping experience which was a natural progression of our legacy, including 360-degree views of exclusive luxury products, an interactive 40 Carrots frozen yogurt experience, Big Brown Drones and lots of fun surprises,” Berman said.

Bloomingdale’s virtual store will initially feature collections from brands like Polo Ralph Lauren, Marc Jacobs, David Yurman, MCM, Byredo and Baccarat. The possibilities the department store can offer in the future is “endless” and “not limited to physical space,” Berman said. Read more...