Top Luxury Brands Eyeing the Metaverse
Top luxury and beauty brands are angling for the metaverse. Here is how a few of the top luxury brands are positioning themselves for an immersive future.
Luxury, beauty, and fashion are gradually finding their way into the metaverse. Some of the top luxury brands selling high-priced consumer goods have already begun establishing a ‘local presence’ in the metaverse.
Brands such as L’Oreal and LVMH are some of the first to embrace the new immersive technological phenomenon.
Beauty Enters the Metaverse
Top beauty brand L’Oréal has tie-ins with YSL, Mugler and NYX Professional Makeup in its metaverse play. Recently, L’Oreal unveiled its digital wallet where up to 10,000 free L’Oreal NFTs can be requested. Customers will use these NFTs in the course of the year to unlock access to both digital and real-life experiences, events, and products.
The Wallet campaign will introduce L’Oreal’s customers into the world of the metaverse. L’Oreal says it wants to create the foundations of a metaverse future and understand what beauty might look like in the metaverse world. L’Oreal Chief Digital and Marketing Officer Asmita Dubey says the beauty brand also plans to plant the roots of its brand DNA in the metaverse and that the company is approaching it “through the prism of community.”
L’Oreal is looking for partners for this virtual future. The company says it s thinking about immersive experiences and will be looking to explore virtual influence, avatars, products as well as collectibles. The company will be exploring all of these to better “understand the new visual codes”, the “new ways people see beauty,” Dubey said.
L’Oreal is also looking for partnerships with individuals and companies that are not yet on the company’s radar. Dubey said that the company is looking forward to working with the “new ecosystem of partners.” L’Oreal says it has already partnered with the web 3 platform Ariani and is looking for partnerships with a very new ecosystem. The brand wants to partner with 3D artists who are creating new forms of digital beauty and makeup art. According to Dubey, the brand is going to engage with more animators, 3D artists, and even software engineers. The beauty brand will also begin partnering with blockchain experts.
This is not L’Oreal’s first foray into the immersive. In 2018, the company invested in a number of AR apps and acquired the startup Modiface whose AR app enables users to project new hairstyles on their heads and do makeup try-ons on their faces. In 2020, L’Oreal began a virtual reality training program for hairdressers.
LVMH’s Metaverse Play
The French multinational corporation LVMH is planning to bring a number of its brands into the metaverse including Luis Vuitton, Christian Dior, and the wine band Moet & Chandon. LVMH’s head of crypto and the metaverse Nelly Mensah believes the immersive and metaversal future will be an important revenue driver.
Mensah says LVMH is looking at four primary use-cases for the metaverse. The first is client storytelling and immersive brand experiences. Mensah explains that the metaverse brings out transparency, traceability, tracking, and authenticity.
The company is also looking at digital twins and the expansion of its product range inside the virtual world. Mensah says these are meant to allow for personalization and self-expression. LVMH is also planning to accept cryptocurrencies as a form of payment.
Bulgari, an LVMH jewelry brand, wants to go as far as to create its own metaverse in partnership with the Italian advertising agency Experiency whose specialization is in technology and metaverse commerce.
Bulgari’s chief operations and innovation officer Massimo Paloni thinks that current metaverses do not provide the kind of quality required for the positioning of a luxury brand. As a result, the jewelry brand is looking to create its own proprietary metaverse. This is still only a concept and the brand is going through a learning curve and designing spaces, he says.
Paloni wants to create the culture and processes for the metaverse in the jewelry brand so that when the metaverse opportunity opens in a big way, Bulgari will be ready to ride the future.
As part of the preparations for the metaverse, Bulgari is currently creating 3D versions of its whole portfolio which is no easy task. The diamonds, for instance, have to look realistic. Paloni says his digital agency partner needs anywhere between a week and a month to create just one virtual jewelry piece!
Source: The Drum
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