Partnerships with gaming platforms allow luxury brands to access large bases of young and engaged users. Gucci, Ralph Lauren and Givenchy, for example, have installed permanent spaces on Roblox. Balenciaga and Louis Vuitton have launched digital apparel collections for avatars, which match real-world versions, in collaboration with Fortnite and League of Legends, respectively.
Balenciaga and the Italian luxury group OTB have created departments that develop fashion projects related to the metaverse. And these investments have the potential to pay off: A recent analysis of revenue generated by major brand NFT projects ranked luxury names Dolce & Gabbana, Tiffany & Co. and Gucci in three of the top four spots, according to a study. case published on the Dune platform. Nike’s top spot ranking was fueled by its late 2021 acquisition of high-end virtual fashion startup RTFKT.
Some luxury consumers are interested in using AR and VR tools for shopping. Although usage and interest in virtual goods is relatively low among the US luxury consumers we surveyed, other innovations have the potential to appeal to those who haven’t used them. Just over 32% of respondents expressed interest in using virtual reality and augmented reality tools for luxury shopping, and nearly 27% were interested in exploring virtual stores or metaverses.
Nearly a fifth of consumers worldwide who use virtual reality said they had used the technology to buy luxury goods in the past six months, according to PwC’s Global Consumer Insights Pulse Survey from June 2022.