Partnerships with gaming platforms give luxury brands access to large and engaged young user bases. Gucci, Ralph Lauren, and Givenchy have set up permanent spaces on Roblox, for example. Balenciaga and Louis Vuitton have launched collections of digital apparel for avatars, which correspond with real-world versions, in collaboration with Fortnite and League of Legends, respectively.
Balenciaga and Italian luxury group OTB have established departments that develop metaverse-related fashion projects. And these investments have the potential to pay off: A recent analysis of revenues generated by NFT projects from major brands listed luxury names Dolce & Gabbana, Tiffany & Co., and Gucci in three of the top four spots, according to a case study published on Dune’s platform. Nike’s first-place 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 of and interest in virtual goods was relatively low among the US luxury consumers we surveyed, other innovations have the potential to engage those who haven’t used them. Just over 32% of respondents expressed interest in using VR and AR tools for luxury shopping, and nearly 27% were interested in exploring virtual or metaverse stores.
Nearly a fifth of consumers worldwide who use VR reported engaging with the tech to purchase luxury goods in the past six months, per PwC’s June 2022 Global Consumer Insights Pulse Survey.