
Why Should Corporate Businesses Focus on Sustainability?
For all businesses in all sectors, paying attention to environmental, social, and governance (ESG) challenges is becoming increasingly …
January 19, 2022: -On Monday, Ralph Lauren CEO Patrice Louvet said that the fashion brand is chasing opportunities in the metaverse to attract younger shoppers.
At the National Retail Federation’s annual conference, he said that consumers could have boughtbought Ralph Lauren’s digital apparel, made a virtual visit, or even had a virtual coffee at the Madison Avenue store. He said the retailer is considering buying real estate in that digital world, where e-commerce, gaming, and social media collide.
Plus, Louvet said he’s personally participating: He dressed his avatar in a rugby shirt.
“One of our strategies is to win regarding a new generation, and the new generation is there. So we have to be there,” he said. “There are a lot of parallels actually amid the metaverse and Ralph’s vision as we are not a fashion company. We are in the dreams business.”
An increasing number of retailers are dipping their toes in the metaverse. Nike bought a virtual sneaker company, RTFKT, the previous month. Walmart recently filed trademarks that could pave the way to sell virtual goods from home decor to personal care products and offer virtual currency and nonfungible tokens, or NFTs, to users. And luxury brands, which include Ralph Lauren and Gucci, have launched virtual experiences.
Louvet said that Ralph Lauren participates in metaverse platform Zepeto and gaming site Roblox, where shoppers can dress their avatars in Ralph Lauren apparel. He said that the company has already seen how the metaverse could drive revenue. After just a few weeks on Zepeto, he said it sold more than 100,000 units.
He said that Ralph Lauren has not yet sold NFTs but is also considering how that could boost its brand.
“We are learning,” he said. “We are experimenting. I do think that we are going to see consumers keep to be attracted to these spaces as they expand.”
For all businesses in all sectors, paying attention to environmental, social, and governance (ESG) challenges is becoming increasingly …
As we approach 2023, it’s important to stay up to date on the latest trends and developments in the business world. According to recent statistics, there …
The way technological solutions are operated in the cloud is different. It is more about developing and implementing business rules than it is about technological …
What advantages do social media platforms offer to businesses? Think about the fact that there are already more than 4.2 billion active social media users …
A new year is around the corner, and it is high time we bid goodbye not only to old habits but also to old trends which become outdated and …
Organisations are stepping up their efforts to promote their workforce’s welfare and mental health. Employers frequently see an employee’s …
According to the Federal Reserve’s Beige Book released Wednesday, the U.S. economy showed signs of slowing down in recent weeks, with …
BlackCat, a notorious ransomware group, has claimed responsibility for a cyberattack on Fidelity National Financial, a leading financial services technology …
In a significant step towards achieving its ambitious sustainability goals, Google has announced the successful operation of its first geothermal …
U.S. stocks rallied on Wednesday, with the Dow Jones Industrial Average surging nearly 200 points as markets headed into the Thanksgiving …
Leave us a message
Subscribe
Fill the form our team will contact you
Advertise with us
Fill the form our team will contact you