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 LVMH-owned luggage brand will auction four digital artworks on May 18 amid surging interest in the market for Non-Fungible Tokens, or NFTs. The one-of-a-kind digital assets have emerged as a hot commodity, with consumers willing to pay millions to acquire the blockchain-secured virtual items.
In March, design studio RTFKT and digital artist Fewocious generated $3.1 million off of 621 pairs of NFT shoes, leaving consumers wondering what the rise of these digital assets could mean for fashion.
Rimowa said it is the first luxury travel brand to create a collection of NFTs, partnering with multidisciplinary design practice Nuova to develop four images of a food cart, lamp, sound system and table that incorporate design features from the brand. The pieces will be sold on NFT marketplace Rarible and the proceeds will go to the artwork’s creators and a charity focused on humanitarian issues, Rimowa said.
The Opportunity in Digital Fashion and Avatars Report — BoF Insights
ADVERTISEMENT
BoF Insights’ guide to digital assets in fashion, which examines the rise of the metaverse and underlying technological, social and consumer shifts, plus includes a playbook for how to seize the opportunity. To explore the full report click here.
The Opportunity in Digital Fashion and Avatars is the in-depth report published by BoF Insights, a new data and analysis think tank from The Business of Fashion arming business leaders with proprietary and data-driven research to navigate the fast-changing global fashion industry.
At The Business of Fashion’s Professional Summit in New York last week, Sona Abaryan, partner and global retail and luxury sector lead at tech-enabled data science firm Ekimetrics, shared how businesses can more effectively leverage AI-driven insights on consumer behaviour to achieve a customer-centric strategic approach.
From customer loyalty types to its pillars of personalisation, SAP Emarsys customer engagement provides more than 1,500 companies with personalised marketing campaigns via AI-powered analytics, including Puma, Aldo and Reformation. BoF learns more.
Before fashion businesses can put artificial intelligence to work or target the right shoppers online, they need good data and a deep understanding of who their customers are and what they want. This case study offers a guide for brands that want to truly know their customer, allowing them to make smarter decisions that serve shoppers and drive results.
The US House of Representatives approved a bill that could ultimately lead to a ban of the app, but its path forward remains far from certain.