Balenciaga Plans To Launch A Metaverse Business Unit
The house of Balenciaga has created an entire team dedicated solely to exploring marketing and commerce opportunities in the metaverse.
The announcement was made during Business of Fashion’s annual VOICES gathering by chief executive Cédric Charbit.
According to Charbit, there are a host of new opportunities for fashion brands to interact with consumers in the metaverse, especially as consumers’ lives have become increasingly digital, whether they are working or dating. He believes metaverse will be the next “persistent” way consumers engage with the world.
Balenciaga sees this as an opportunity for growth, forging a path for consumers to interact with the label beyond traditional methods such as liking, commenting, and, of course, making a purchase.
That said, the move to create a dedicated team shouldn’t be outlandishly surprising, as Balenciaga has leaned in towards the virtual realm before. In fact, the Kering-owned brand hosted its Fall 2021 show virtually and collaborated with the video game Fortnite to offer up various digital skins.
Other brands such as Gucci and OTB, the parent company of Diesel and Margiela, also now have teams dedicated to monetizing opportunities in the metaverse.
These efforts by various fashion brands follow Facebook’s move to rebrand itself as Meta, which highlights its focus on developing new business opportunities in the metaverse.
Originally published at https://retailbum.com on December 2, 2021.
