The luxury brand is exploring different opportunities with metaverse and selling virtual digital goods to their fan base.
A move into the Metaverse is becoming a must for every apparel brand out there. On Monday, January 17, Ralph Lauren CEO Patrice Louvet said that his company is looking for opportunities in the Metaverse space as a way to attract young shoppers.
Speaking at the National Retail Federation’s annual conference, he further added that customers are already making virtual visits, buying digital apparel, and having a virtual coffee at the company’s Madison Avenue store.
As a result, Ralph Lauren is also considering buying real estate in the metaverse. This is exactly where gaming, e-commerce, and social media can collide. The CEO also assured his personal participation in it. Louvet has his avatar ready in a rugby shirt. Speaking to CNBC, he said:
“One of our strategies is to win over a new generation and the new generation is there. So we have to be there. There are a lot of parallels actually between the metaverse and Ralph’s vision because we are not a fashion company. We are in the dreams business.”
Exploring NFTs to Boost the Brand
The Ralph Lauren CEO said that the company is participating in the Metaverse platform Zepeto along with gaming site Roblox. Herein shoppers can dress in their own avatars in Ralph Lauren apparel.
He also said that the entry into metaverse is already proving great for the company. Ralph Lauren has sold more than 100,000 units in a few weeks on Zepeto. He further added that the company hasn’t sold NFTs yet. However, it is exploring how that could help Ralph Lauren boost its brand image. He said:
“We are learning. We are experimenting. I do think that we are going to see consumers continue to be attracted to these spaces as they expand.”
Ralph Lauren’s competitors have already dipped their toes in the world of the metaverse. Thus, it seems to be the right move for the company to dive into it. Luxury brands like Gucci have already launched their virtual experiences.
Furthermore, big retailers like Adidas, Nike and Under Armour have already started issuing NFTs and selling virtual branded apparel. Gap has started selling NFTs for its iconic logo shirts. The Gap NFTs are ranging from roughly $8.30 to $415 and are available with a physical hoodie.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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