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.
Background:
Social-media company Meta has launched a virtual clothing store, and Balenciaga, Prada and Thom Browne are the first major designers to create looks fit for avatars in Mark Zuckerberg’s metaverse. The designs, available for use on Instagram, Facebook and Messenger, include a Balenciaga motorcycle suit, Prada shorts and one of Thom Browne’s signature grey suits. The move marks Meta’s formal entry into the virtual high-fashion business after Zuckerberg declared his ambitions to build the metaverse in late 2021.
“As a fashion person, it took me a little while to grasp exactly what [Zuckerberg’s vision for the metaverse] meant … People want as many ways as possible to express themselves via their avatars in the metaverse,” said Eva Chen, Meta’s vice president of fashion and shopping partnerships.
Key Insights:
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Users will be able to buy designs to use with their Meta avatars on Instagram, Facebook and Messenger.
While announcing Facebook’s rebrand as Meta, Mark Zuckerberg offered his vision of the metaverse, and how we’ll dress in it.
CEO Daniel Lalonde hopes to stand out from competitors in the luxury design segment by spotlighting the group’s most recognisable brands.
Former Louis Vuitton CEO Michael Burke is stepping back from overseeing LVMH’s sprawling Fashion Group just four months after he was named the unit’s chief executive, BoF has learned.
The sector’s planet-warming emissions inched lower in 2022 thanks to revised data, but they’re still on track to grow by more than 40 percent by 2030, according to a new report.
Mytheresa on Wednesday reported another quarter of standout growth in an otherwise dreary luxury e-commerce sector amid reports that the German e-tailer is considering going private and acquiring Net-a-Porter.