The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
SANTA MONICA, United States — Snap Inc said Tuesday it will launch a new version of its Spectacles sunglasses, which will have the capability of capturing photos and videos and uploading them directly to its unit Snapchat, as the technology company works to develop its augmented reality features.
Snap has struggled to make money from its Spectacles business, and wrote down $40 million in unsold glasses in 2017.
The new Spectacles, limited edition and with fewer produced than in previous versions, allows Snap to continue experimenting with augmented reality, a key focus for it.
Spectacles 3, which will begin shipping in the fall, will cost $380, almost twice the previous version at $200 apiece. It will have dual cameras to add depth and dimension to photos and videos. After uploading the content to messaging app Snapchat, users can add new lighting, landscapes and three-dimensional effects to the images, Snap said.
Snap gained fame among its young users in part through its augmented reality (AR) features, including lenses that can overlay effects like dog ears on photos, or even change a user's gender in Snap images.
The company added 13 million users in the second quarter, of which 7 million to 9 million were from the new AR lenses, Snap said.
Last week, Snap said it would raise $1.1 billion in debt to fund further investments in AR, content and possible acquisitions.
Snap should focus on earning more money from its content, and could potentially make investments in music, "a natural thing for people to share" on social media, said Jim McVeigh, founder of Cyndx, an investment search platform that connects companies with firms seeking to be acquired or to raise capital.
By Sheila Dang; editor: Bernadette Baum.
The next generation of Meta’s and Ray-Ban’s collaborative smart glasses offer better audio and picture quality, as well as live streaming directly to Instagram. But that may not be enough.
The data and technology business has developed proprietary tools that allow analysis of customer engagement, marketing strategies and lifetime value, working with the likes of The Economist, MyTheresa and Diageo. BoF speaks to Good Growth’s CEO and co-founder to learn more.
The sneaker brand has faced challenges in the year since it launched a 3D online space and introduced NFT-linked sneakers, but it sees a long-term opportunity ahead in virtual goods and experiences, including a chance to make them a significant part of its business.
The company, which rolled out its Shop feature to all US users this week, is banking on its powerful algorithm to help it succeed where Instagram and others have failed by delivering a constant stream of products along with its targeted content into users’ feeds.