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.
Brand New Vision (BNV), which operates a platform for the trading of fashion, footwear and accessories as non-fungible tokens (NFTs) called Bnv.me, has closed a seed investment round for an undisclosed amount led by Animoca Brands, a blockchain gaming and NFT player that last week saw its own valuation top $1 billion.
BNV, which launched in April and is headquartered in Hong Kong, aims to be a platform through which global fashion brands can engage in the NFT trend by offering high definition and limited edition 3D digital assets that are then auctioned, with the end buyers receiving the digital versions as collectibles on the Ethereum blockchain. Those digital assets can also be traded on bnv.me and other open platforms.
“We are a fashion company, we come from the fashion world so we know the concerns of major brands and designers when it comes to brand integrity, representation and adjacencies, so we created bnv.me as a space where brands and designers can see their products presented in line with their real world expectations while maintaining their brand values,” said BNV founder, Richard Hobbs.
This week’s round-up of global markets fashion business news also features PDD’s ascent in China, Kenya’s controversial suit ban and subterfuge in India’s jewellery trade.
According to The State of Fashion 2024, a potentially volatile global economy and geopolitical tensions in the coming months could further dent consumer confidence in key markets, requiring fashion brands, retailers and suppliers to bolster contingency planning and double down on operating efficiencies, among other measures.
Despite decades of volatility in Latin America’s third-largest economy, some local fashion entrepreneurs have found success thanks to a combination of grit, determination and hyper-adaptability.
This week’s round-up of global markets fashion business news also features Hong Kong jewellery giant Chow Tai Fook, Ghana’s travel retail move and Brazilian apparel retailer Lojas Renner.