FASHION & THE METAVERSE

Written for Fashion & Beauty Monitor

The Metaverse has always had a unique, prosperous relationship with the fashion industry. Web3 offers consumers the chance to experience fashion through our digital identities in immersive, fully sensory experiences. As a form of self-expression, fashion and the Metaverse are well matched.

Potential US consumer expenditure in the metaverse in 2022 in the apparel sector is currently at 594 billion, putting it well above cosmetics and even video games. The boom of digital and virtual fashion can be attributed in part to the fact that culturally, today’s consumers are moving away from a fast fashion model in favour of a more sustainable approach to purchasing clothing. That, combined with global supply chain shortages caused by the pandemic and the world’s subsequent pivot to online commerce, entertainment and experience, have led to a surge in mainstream adoption of the medium.

Despite concerns about energy consumption by building of Metaverse activations themselves, brands have certainly welcomed the possibilities of the space with open arms. The ever-expanding list of companies getting involved includes the likes of Tommy Hilfiger, Vans, Gucci, Louis Vuitton, Boohoo, Burberry, Balmain and more, from virtual drops to skins and NFTs. The explosion within the sector recently led to the world’s first Metaverse Fashion Week, which ran in March 2022, and saw over 70 brands take part in virtual catwalks and panels in Decentraland, including DKNY, and Dolce & Gabbana.

The Metaverse offers brands an unlimited digital showroom, free from the constraints of the physical world, within which their wildest sartorial and creative visions can be realised. Another trend made popular by the pandemic and mass lockdowns, wherein consumers couldn’t visit stores IRL – virtual try-ons are a key selling point. Instead of customers using their imagination to visualise how an item would look on them, they can now interact with the garment on a 360-degree basis, examining the smallest detail and swapping personalised looks at the touch of a button.

It's no wonder then, that brands are hoping to capitalise on this emerging market by registering trademarks for virtual clothing and stores, with 2,146 registered in 2022, a 35% increase on the previous year.

The Metaverse is not only appealing due to labels being able to target new customers where they are likely to shop, but due to its propensity for even greater returns than physical merchandise sales. Famously, Gucci sold a bag on Roblox for more money than the price of the bag’s real-world equivalent. The Queen Bee Dionysus (thanks to a short purchase window) sold for 350,000 on the marketplace, or $4,115 within Alessandro Michele’s virtual ‘Gucci Garden’ in May – almost $800 more than the real thing, which retails at $3,400.

Some great examples of fashion brand success in the sphere include Balenciaga, Ralph Lauren, NIKE and Forever21.

Balenciaga was one of the first fashion brands to hop on the Metaverse train. In late 2021, the house partnered with gaming app Fortnite to launch their seasonal collection plus a series of skins for Fortnite characters. The brand also launched its own video game lookbook: Afterworld: The Age of Tomorrow in which players enter a dystopian Balenciaga store. Earlier this year, the brand announced plans to launch an entire Metaverse business unit within the company in order to explore new potential in the area.

Ralph Lauren launched its Ralph Lauren Winter Escape in partnership with Roblox – a holiday experience - in December 2021. The game showcased an exclusive gender-neutral line of winter sportswear that platers could try on and purchase for their avatars, within virtual Polo shops. According to Chief Digital Content Officer, Alice Delahunt: ‘Our partnership with Roblox builds on years of digital innovation and underlines our belief in the opportunity that virtual spaces and economies present – especially when it comes to the next generation of consumers.’

In November 2021, NIKE launched NIKELAND, an interactive branded world full of games and immersive experiences on Roblux, which now records over 4.3 million daily users. Based off the athletic brand’s headquarters, the digital community offers customers the chance to customize their avatars with NIKE gear and share with fellow players in a virtual showroom. NIKE then went on to acquire RTFKT, a studio that specialises in NFT sneakers and avatar accessories, cementing its legacy within the space.

It's not just luxury brands that have cottoned on. High-street brand Forever21 not only participated in Metaverse Fashion Week, but partnered with metaverse creation expert, Virtual Brand Group, to launch a virtual store in which players can build and customise. It requires them to refurbish the store and fill with items for sale and even staff to work there, with a competitive element of becoming the best retail space in town. It has four districts where users can find items to develop their stores. In the Roblox game, consumers can receive coupons towards the purchase of the same physical item, for those wishing to twin with their avatars offline.

In summary, the Metaverse continues to expand and dominate, with a particular symbiotic relationship with the fashion industry. However, this isn’t the first-time fashion has embraced the virtual world, as seen with the advent of virtual and CGI influencers like Shudu and Lil Miquela, who have been racking up luxury fashion brand deals for years. It seems, the Metaverse is the logical extension of the future-facing work that has already been started.