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.
The Kering-owned brand is creating a dedicated business unit to explore opportunities for marketing and commerce in the buzzy “metaverse,” chief executive Cédric Charbit said, speaking at BoF’s annual VOICES gathering.
Virtual fashion has become a focus for Balenciaga, which released its Fall 2021 collection via a video game and collaborated with gaming platform Fortnite on a collection of digital skins for players.
Now, as pillars of modern life, from work to dating, become increasingly digital, Charbit sees more opportunities on the horizon for fashion brands to engage with consumers in the coming metaverse, a collective, persistent, virtual reality that some experts believe will fundamentally transform how we live and shop.
“The use-ability [of digital fashion] is the point that’s missing, but that’s making gigantic steps every day,” Charbit said. As this happens, he expects today’s consumers to become more “active participants” in the brands they follow. “Right now the climax of interaction with a luxury brand is that you click like, or comment or buy something,” Charbit said. “I think we can get to a next level.”
In creating a dedicated team to work on projects in the metaverse, Balenciaga joins brands including Kering stablemate Gucci (which recently staged a virtual-reality fashion exhibition on Roblox and created a metaverse pop-up activation on The Sims) and OTB, the Diesel and Margiela parent that this week announced new business unit Brave Virtual Xperience.
VOICES 2021 is made possible in part through our partners McKinsey & Company, Shopify, Clearco, Klarna, Brandlive, Flannels, Snap, Getty Images, Soho House and The Invisible Collection.
The coming of a collective, persistent, virtual reality will fundamentally transform how we live and shop, writes retail guru Doug Stephens.
From a couture revival to winning the Met Gala, the Kering-owned brand is white-hot. Ahead of its buzzed-about Paris Fashion Week show Saturday, CEO Cedric Charbit speaks to BoF about the strategy behind ‘new era’ Balenciaga and his plan for pushing sales to the next level.
Author and tech executive Mo Gawdat explores the arrival of artificial intelligence and how it will eventually affect everyone.
Supercharged chatbots, hyper-personalised marketing copy and new ways for shoppers to discover fashion online are just a few of the dream applications for ChatGPT and similar AI models.
The crypto market’s dramatic decline hasn’t totally curbed its wild spending, though it does look to be shifting its predilection for loud luxury toward a more discrete sense of style.
Games have become a cultural force in their own right and the preferred entertainment of Gen-Z, which accounts for a fast-growing share of fashion sales.