TOP10 NEWS OF THE WEEK / 06.09.24
DISCLOSURE
?? Metaverse Fashion Week 2024, organized by the METAVERSE FASHION COUNCIL (whose mission is to represent the entire industry and not just specific business projects), will be hosted on November 19-24, 2024, across various 3D platforms and in various AR, VR, and XR realities, in the San Francisco Bay Area and other cities worldwide.
? This event has nothing in common with dubious MVFW 2022-23 / Metaverse Fashion Week by Decentraland together with UNXD which was allegedly organized to promote, among other goals, the cryptocurrency MANA (classified by the U.S. Securities and Exchange Commission as unregistered and illegal securities), potential securities LAND, and other interconnected projects, many of which, along with their representatives, are currently scrutinized by various legal institutions and courts in the US
?? We couldn't find any reliable information about the legal entity and structure behind the so-called "DAO Decentraland Foundation" on the website decentraland.org , nor did we receive any response to our request for information about potential legal IPs or the contacts of the real and legal founders and decision-makers of the Decentraland.org platform sent to the email address [email protected] .
? We keep collecting data and information about the aforementioned issues with the "DAO Decentraland Foundation."
?? We want to distance our industry's event, Metaverse Fashion Week, from the past events "MVFW 22-23 by Decentraland" as much as possible in the eyes of the public, governments, media, and all honest businesses
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?? We emphasize that the metaverse fashion shouldn't be a hostage to any specific business project and should have the industry's event "Metaverse Fashion Week" regularly, at least twice a year, independently of anyone's individual situation and intentions—good or bad.
?? Starting from 2024 we declare our commitment to hosting Metaverse Fashion Week (MFW) at least twice a year and developing standards of transparency, business sustainability, and creative energy.
?? "Fashion Week" and "Metaverse" are generic terms, and "Metaverse Fashion Week" is just the right description for an event representing the entire industry, making it another generic term.
?? We have no ambition to register this generic term as a trademark as we see it as dishonest conduct.
We affirm that we are more than open to all honest, innovative creators and businesses.
?? Everyone, including the Decentraland platform, is welcome to apply for participation.
? DOLCE&GABBANA and UNXD will not be welcome at the Metaverse Fashion Week until our community receives a clear ruling from the US court in the lawsuit against them.
FASHION SYSTEM
"THE DGFamily PRODUCTS WERE CREATED TO SERVE AS A FRAUDULENT VEHICLES SOLELY TO ENRICH DEFENDANTS' FOUNDERS, PROMOTERS, MANAGERS, AND AFFILIATES"
METAVERSE FASHION MAGAZINE publishes the ?? Key takeaways from the ?? Plaintiff's Class Action Complaint vs. DOLCE&GABBANA USA INC., a Delaware Corporation, UNXD INC., a Dubai Corporation, BLUEBEAR ITALIA S.R.L. d/b/a INBETWEENERS, an Italian CorporationPART 1: INTRODUCTION, NATURE OF ACTION, AND DEFENDANTS
?? Defendants failed to deliver what they promised in exchange for purchasing their digital assets and abandoned their crypto project while retaining?over $25 million?used to fund the project
?? The benefits of buying Defendants’ digital assets were promoted as including a combination of eight either: (i) digital wearables (digital outfits available for use in a metaverse application called Decentraland )
?? Defendants manipulated the digital currency market for DGFamily Products to their advantage by executing a “rug pull,” which is a colloquial term used to describe a scheme in which an NFT developer solicits funds from prospective NFT purchasers promising them certain benefits. Once the purchasers’ funds are used to purchase the NFTs, the developers abruptly abandon the project and fail to deliver the promised benefits all while fraudulently retaining the purchasers’ funds.
?? learn more:
DOLCE & GABBANA X UNXD SCANDAL EXTENSION: "THE LARGEST CUSTOMERS INCLUDED PEOPLE AND ENTITIES KNOWN AS “PRANKSY, SEEDPHRASE, RED DAO, AND BOSON PROTOCOL”. ALL BUT BOSON PROTOCOL WERE INVESTORS IN UNXD"
Key takeaways from the Plaintiff's Class Action Complaint vs. DOLCE & GABBANA USA INC., a Delaware Corporation, UNXD, INC. and others.
Decentraland Ari Meilich Esteban Ordano Yemel Jardi Mariano Agustín Monserrat Red DAO Megan Kaspar Boson Protocol Justin Banon Pranksy The Seedphrase join the party.
PART 2
?? The alleged NFT scheme was not Defendants?Dolce & Gabbana and UNXD’s first joint venture in the crypto space. In August 2021, Defendant Dolce & Gabbana launched their first NFT collection, “Collezione Genesi” in collaboration with Defendant UNDX. Defendants’ NFT collection sold out relatively quickly for a total of $5.7 million. The largest customers included people and entities known as “Pranksy, Seedphrase, Red DAO, and Boson Protocol.” All but Boson Protocol were investors in UNXD.
?? The success of the?“Collezione Genesi” project led Defendants to collaborate on another cryptocurrency project—which is the scheme at issue. On February 20, 2022, UNXD announced the launch of DGFamily Products on Discord, before announcing a collaboration with another fashion company, Valentino.
?? The next month, UNXD announced a $4M raise from “some of the most notable investors in the ecosystem,” while in April it announced a collaboration with Pranksy (without revealing he’s an investor in UNXD).
?? That same month, on April 18, 2022, UNXD promoted yet another collaboration with Dolce & Gabbana, this time also including another crypto entity, Defendant inBetweeners— before UNXD had even released the DGFamily Products. UNXD then appeared to go back to focusing on DGFamily Products, as shown via a Twitter announcement on April 22, “[w]e’ll soon reveal some of the very special collectors, builders, and investors that are participating in the exclusive Platinum Box private sale for the UNXD x DolceGabbana DGFamily collection, priced at 40 ETH. An incredible array of 50+ people that we respect and admire.” ETH, a widely used digital currency, was worth around $3,000 from April 22 to April 24, 2022, which made the price for a Platinum Box around $120,000.
?? With investor discontent already brewing, UNXD announced the first of the eight benefits, or the first drop, on June 10, 2022, which was 13 days after they had originally promised to release it. The first drop finally released on June 17, about 20 days overdue and consisted of digital outfits that could be used only in a metaverse platform with barely any users, called DecentraLand.
?? learn more:
METAPHYSICS
IS DIGITAL FASHION STILL IN FASHION?
Vogue Business by Elektra Kotsoni : In the last couple of years, crypto crashed, NFTs fell off a cliff and metaverse-mania fizzled. We asked those working at the forefront of digital fashion about its future.
?? Key Takeaways:
?? LEANNE ELLIOTT-YOUNG , CEO and co-founder of the Institute of Digital Fashion Gen Z and Gen Alpha understand creativity in this really nuanced way, which is about co-creation. And the bigger brands and luxury fashion houses are so scared of co-creation that I think they’re at risk of missing out.
?? Matt Powell, retail analyst at BCE ConsultingI don’t think any brand or retailer really figured out how to monetise them and how to make that connection between the physical and the digital product. So it’s played itself out. There’s certainly not the interest that there was a few years ago.
?? Mason Rothschild , founder of digital creative agency GasolineThat’s the biggest takeaway: nobody’s going to spend money on a digital car if they don’t have the real one. Nobody’s going to spend money on digital clothes if they don’t have the physical version.I think there’s a path forward for digital fashion when it comes to verification of authenticity and for building community.
?? Alice Delahunt , founder and CEO of digital fashion platform SYKY The Apple Vision Pro has just launched. When the first iPhone launched, there was no front-facing camera and there was no App Store. So if I consider the impact the Vision Pro is going to have on a mixed reality future, in which we have digital-only, physical and mixed reality environments, it is undeniable that digital fashion will have a role to play in that.When wondering about the future of digital fashion, I would advise anyone to strip away the noise and look at the underlying facts. Digital fashion is an inevitable part of the future
?? Kenneth Loo , co-founder of communications agency Chapter 2Though we have yet to see a breakthrough moment or mass consumer adoption, there will be the dawn of what is being dubbed ‘social reality’ where our avatars will soon be living better lives than we are.?? Gmoney, founder of digital fashion house 9dcc I think digital fashion will be a big thing in the future. Think about the Apple Vision Pro and even the?Meta Ray-Ban glasses. ?? Isabel Martinez aka Isabelita Virtual, creative directorIt’s a great moment for digital designers. If I had a small digital fashion brand, I would put a lot of effort into offering my audience more than just futuristic designs; I would offer them a point of view, a vision to connect with.?? learn more:
GOOGLE AND MAGIC LEAP INVEST IN METAVERSE DEVELOPMENT
METAVERSE FASHION MAGAZINE : Google and Magic Leap have announced a multi-faceted strategic technology partnership. By merging Magic Leap's expertise in augmented reality (AR) and optics with Google's technology platforms, the companies aim to collaborate on AR solutions and experiences.
Shahram Izadi , Vice President and General Manager of AR/XR at Google, stated:“We look forward to bringing together Magic Leap’s leadership in optics and manufacturing with our technologies to offer a broader range of immersive experiences. By combining our efforts, we can nurture the future of the XR ecosystem with unique and innovative product offerings.”Magic Leap is a leader in transparent optics technology and precise, scalable optics manufacturing, designed to deliver high-fidelity augmented reality (AR) experiences. The company is renowned for its unmatched AR optics stack and the development of ultra-lightweight eyepieces.
As a pioneer in the AR industry, Magic Leap has spent the past fourteen years making groundbreaking advancements in text legibility, color fidelity, and rich visuals, while continuously expanding the field of view to create engaging, immersive AR experiences.
Magic Leap develops proprietary manufacturing equipment and processes to produce a wide range of highly precise eyepieces with exceptional yield rates and quality at scale. Their flagship AR product, Magic Leap 2, features patented optics in a lightweight, ergonomic design, running customized apps with some of the highest compute performance capabilities of any standalone AR device on the market. Based in North America, Magic Leap also has offices in Belgium, the UK, Israel, Japan, and Switzerland, establishing a global presence.
Julie Larson-Green , Chief Technology Officer at Magic Leap, commented,?“This partnership accelerates the transformative power of AR by merging our extensive optics capabilities with Google’s technologies. This collaboration will continue to advance immersive experiences for developers and customers alike. We are excited to expand the potential of XR, blending the physical world with valuable, contextually relevant solutions.”This significant step builds on the long-standing relationship between the two companies.
MAISON MARGIELA, JIL SANDER, AND MARNI REGISTER PRODUCTS ON BLOCKCHAIN
OTB , the international fashion and luxury group that owns Diesel , JIL SANDER , Maison Margiela , Marni , and VIKTOR&ROLF brands, along with Staff International and Brave Kid companies, and holds a stake in the Amiri brand, and is a Steering Member of the Aura Blockchain Consortium , will provide digital authenticity certificates for all Jil Sander, Maison Margiela, and Marni products starting from the Fall/Winter 24/25 collections.
The OTB is the first member of the?Aura Blockchain Consortium?to offer its customers digital authenticity certificates for all its luxury brand products, fully integrating blockchain registration into its production processes and embedding an NFC chip in each garment or accessory.
The certificates utilize blockchain technology and an NFC (near-field communication) chip embedded in each garment or accessory. This allows customers to verify a product's authenticity by scanning the chip with their smartphone, accessing a tokenized certificate that’s stored as an NFT on a blockchain network.This initiative includes two critical steps in all Group production processes: embedding an NFC chip in every garment and accessory and registering all products on the AURA blockchain platform. This standardization ensures that over 1.5 million products from OTB's luxury brands will have guaranteed blockchain registration and digital authenticity certificates annually."This significant advancement in OTB's innovation process enables us to ensure greater transparency, new interaction methods, and an increasingly high-profile experience for our luxury brands’ clients," said Stefano Rosso , a member of the?Aura Blockchain Consortium?board and CEO of Marni. "Full-scale adoption of blockchain technology and its integration with our production processes means we can promptly respond to all the challenges and opportunities presented by future legislation."Following a pilot project involving some of the most iconic Maison Margiela, Marni, and Jil Sander accessories, and now expanding to all the brands’ products, OTB Group has established a remarkable ecosystem for digital certification of product authenticity. Since early 2022, the Group has registered approximately 1.2 million products fitted with an NFC chip on the blockchain platform provided by the Aura Blockchain Consortium. The chip enables clients to use their smartphones to access the digital authenticity certification, offering information on the product and its origin.
THE STORY BEHIND ADIDAS'S $20,000 ROBLOX NECKLACE
Vogue Business : A new business unit at the sportswear giant is going after gaming to drive revenue. A one-of-one necklace, sold to a noted Roblox collector, ties fantastical design to physical-world products.
?? Key Takeaways:
?? Twenty-six-year-old Simon Burgess has been playing Roblox since he was 12. After an internship at the virtual world platform in 2018, he began developing Roblox games through the studio he co-founded, Abracadabra Studio , while amassing a collection of high-value Roblox items.
?? Earlier this month, Burgess bought a one-of-a-kind necklace from Adidas, designed in collaboration with Roblox creator Jonathan Courtney (or ‘WhoseTrade’), for $2 million Robux, or about $20,000. This is the most expensive user-generated, limited-edition item ever sold
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The?digital gold and diamond chain?includes the Adidas name, its famous three stripes and a gold pendant in the shape of its F50 football boot, which the brand is relaunching this month. In addition to the digital item, Burgess also received two physical pairs of customised, one-of-a-kind Adidas shoes.
?? This record-breaking piece, which isn’t a digital replica of a physical item, is part of new efforts at the sportswear company to lean into gaming and in-game assets as an alternative revenue model. “We essentially never had a positioning in gaming — the largest entertainment industry in the world,” says Thomas Wehner , head of gaming at adidas who is leading a new business unit dedicated to expanding the brand’s presence in multiple gaming environments.
?? Last year,?62 per cent of adults and 72 per cent of children in the US played video games, with revenue expected to reach as high as?$665 billion by 2030.
?? Burgess says he wanted to buy the necklace in part to support Courtney, who he met in Roblox before meeting in person, and because, as a collector of both digital and physical memorabilia, owning one-of-one, customised pieces from Adidas “is amazing”, he adds.
?? “We’re trying to help brands capture the full funnel, from brand awareness to the pass-through for purchase. And on the other side, we’re enabling our community to not leave the platform to do something that is the next step in their engagement,” says Winnie Burke , head of fashion and beauty partnerships at Roblox.
?? What’s after Web3?This is not Adidas’s first gaming foray. It owns real estate in blockchain-based virtual platform?The Sandbox?and made an appearance in?Decentraland’s Metaverse Fashion Week, selling digital Adidas as NFTs.
? Adidas’s goal —?to generate revenue in games —?is “a bit different” from most brands, who often come at it as a marketing play, Burke says. “Adidas sees it as an opportunity to test product and test what the virtual version of their physical looks like.
?? learn more:
领英推荐
LUXURY E-COMMERCE: WHO'S SURVIVING AND WHY
The Business of Fashion : Experts say Mytheresa , SSENSE and Moda Operandi, Inc have kept afloat in a challenged space by honing in on a particular consumer, curating their assortments and executing on retail basics. Still, the road ahead is tough, and the bigger they get, the harder it will be to sustain these strategies.? Key Takeaways:? The companies proving more resilient in luxury e-commerce don't try to be everything to everyone, focusing instead on serving a defined audience.Prioritising unit economics and profit over growth at all costs has helped keep them alive as market conditions have worsened.
?? Mytheresa continues to report?solid sales. SSENSE and Moda Operandi, Inc are privately held, meaning they don’t have to disclose their financials. Ssense nonetheless claims to be profitable on its site, but would not confirm profitability to BoF. Moda Operandi said its sales to-date in 2024 are running at positive comparisons to last year and 2022, and that its resort and spring 2024 inventory had the highest full-priced sell through in its history.
?? Customers, Content, CurationE-tailers have historically been forced to compete on price, which leads to a cycle of discounting. In an effort to differentiate their offers, Ssense, Mytheresa and Moda Operandi have prioritised curation and honing in on a particular customer: Gen-Z for Ssense, top spenders for Mytheresa and runway watchers for Moda Operandi.
? Retail BasicsEven online, the old principles of retail still apply, like the fact that, at its core, retail is a service business, especially in the case of luxury.
?? This approach may have worked when money was cheap, investors were throwing cash around and shoppers across the income spectrum were splurging on luxury. But it proved unsustainable as market conditions changed. Ariel Ohana , founder of investment firm Ohana & Co. , which advised on the 2022 sale of beauty retailer Violet Grey to Farfetch, said companies that prioritise unit economics and profit over growth at any cost are the ones likely to prove more resilient.?? The Road AheadThe market has fresh challenges. Luxury sales will likely rise 1 percent to 4 percent in 2024, compared to 8 percent growth in 2023, consultancy Bain & Company forecasts. To succeed, multi-brand e-tailers need to clearly articulate their value proposition and tailor marketing to the next generation of shoppers, said Federica Levato , senior partner and EMEA leader of fashion and luxury at Bain & Company.“We’ve been in situations where a rising tide lifts all boats. Now, when the tide is going out, who’s going to be left floating?” said Brian Ehrig , partner in Kearney's consumer practice.?? learn more:
VALUE PROPOSITION
TELEGRAM LAUNCHES 'STARS' CURRENCY
METAVERSE FASHION MAGAZINE : Over 400 million users engage with bots and mini apps on Telegram Messenger every month for various activities, including purchasing products, accessing services, and playing games. With the latest update, these bots and mini apps can now sell digital goods and services.
?? Digital Goods and ServicesFor years, businesses have used bots and mini apps on Telegram to sell physical products and accept payments globally. This month, the Bot Platform has been updated to facilitate seamless payments for digital products as well.
?? Telegram StarsTo support payments for digital goods and services across Telegram, we're introducing Telegram Stars. Users can acquire Stars through in-app purchases via Apple and Google or PremiumBot, then spend them on digital products offered by bots, such as e-books, online courses, and items in Telegram games
?? Ready for App StoresTelegram Stars comply with Apple and Google's latest policies regarding the sale of digital products. This new feature provides developers and users within the Telegram ecosystem with unparalleled access to in-app purchases on mobile app stores. Soon, developers will be able to withdraw the Stars earned by their bots in Toncoins via Fragment.With quick and user-friendly payment options for digital goods and services, the bot and mini app platform will enable new types of businesses to reach over 900 million potential customers on Telegram.
?? Pavel Durov: Big day today, we’re launching Telegram Stars ?? – a way to pay for digital services in mini apps.?? With Telegram Stars, mini apps can now accept payments for digital services using the simplest payment method possible – in-app purchases on Android and iOS ??Mini app developers can withdraw their Stars via Fragment using TON. They can also use Stars to further promote their apps on Telegram — on preferential terms! ??Apple and Google take a 30% commission when users buy Stars from them, but Telegram will subsidize ads purchased with Telegram Stars. So if developers reinvest Stars in promoting their app, the overall commission will be nearly 0%! As a result, launching apps on Telegram makes more economic sense than launching traditional mobile apps ??The recent mini app boom has already made Telegram the main destination to launch new apps. Stars and ad subsidies bring this to a new level – unprecedented in the history of social media ??
?? More than BotsThis is?just the beginning?for Telegram Stars. Future updates will bring extra features and functionality to Stars – like?gifts for content creators?and more.
KIM KARDASHIAN SHILLING ETHEREUM MAX, CAITLIN JENNER RELEASING A MEME COIN
?? Key Takeaways:
?? A bevy of celebrity-backed meme coins has captured the crypto zeitgeist recently, but experts say they may be courting bigger legal risks compared to past enforcement actions.
The U.S. U.S. Securities and Exchange Commission (SEC) has targeted celebrities for promoting cryptocurrencies on social media before—a list that notably includes Kim Kardashian, the celebrity entrepreneur and step-daughter to Caitlyn Jenner. And Jenner this week launched meme coins on Solana and Ethereum bearing the Olympic gold medalist’s name.
?? To the extent that Jenner’s meme coins are unregistered securities, she could face greater legal consequences compared to Kardashian, attorneys specializing in securities laws told?Decrypt. In essence, Jenner could be viewed as both an issuer?and?a promoter—not just a paid shill.
?? Without admitting to or denying the SEC’s charges, Kardashian paid $1.26 million to settle the SEC’s claims: Of that figure, Kardashian agreed to pay $1 million in penalties, in addition to around $260,000 in disgorgement.“Disgorgement is how much [Kardashian] got paid for touting, which in most cases is going to be substantially lower than [...] a full on capital raise by somebody else issuing a token,” Moustakis told?Decrypt. “It’s the seriousness of the exposure, and then it’s the seriousness of the conduct.”
?? Regarding Kardashian, the SEC typically sees value in bringing enforcement actions that will garner widespread public attention, Moustakis said. That’s especially true if the agency thinks the enforcement action will change market behavior for the better, he added.“A touting case against Kim Kardashian is going to get far more attention than one against someone you’ve never heard of,” Moustakis said. “Celebrities are, in a way, at higher risk when they're making public statements, marketing, and promoting their own tokens.”
?? learn more:
CRYPTO ETFs: THE COMPLETE GUIDE FOR INVESTORS
etf.com : Here’s what you need to know about investing in cryptocurrency ETFs.?? Key TakeawaysCrypto ETFs promise a smoother ride, allowing investors to participate in the cryptocurrency market without the daunting experience of managing individual cryptocurrencies, of which there are hundreds. Types of Crypto ETFsCrypto ETFs?are baskets of assets that trade on major stock exchanges.
?? Spot bitcoin ETFs:?These ETFs launched in January 2024 and?directly hold bitcoin, aiming to mirror the price performance of the world’s largest cryptocurrency by market capitalization.
?? Futures-based bitcoin ETFs:?These?bitcoin ETFs?don't hold actual cryptocurrency, but rather futures contracts that track its price. This allows investors to gain exposure to bitcoin's price movements without the security risks of holding the cryptocurrency itself.Ethereum ETFs:?Until spot?Ethereum ETFs?begin trading, investors can buy futures-based Ethereum ETFs, which track the price of Ethereum using futures contracts instead of holding the actual cryptocurrency.Cryptocurrency basket ETFs:?Offering diversification, these ETFs hold a basket of various cryptocurrencies, potentially mitigating the risk associated with a single cryptocurrency. Blockchain technology ETFs:?These ETFs don't directly invest in cryptocurrencies but instead focus on companies involved in blockchain technology, the underlying infrastructure powering cryptocurrencies. This offers exposure to the potential growth of blockchain without the direct volatility of the crypto market itself.
Crypto miner ETFs:?Sometimes categorized with?blockchain ETFs, these funds invest in companies that use computer hardware and software to validate cryptocurrency transactions, offering investors exposure to the crypto market without directly buying cryptocurrencies.Leveraged crypto ETFs:?These ETFs use financial instruments to magnify the returns of underlying cryptocurrencies, aiming for amplified gains compared to directly holding crypto. Accessibility:?ETFs allow you to invest in cryptocurrencies through a familiar brokerage account, eliminating the need for a separate account at a crypto brokerage.
Diversification:?Some crypto ETFs—like cryptocurrency basket ETFs and blockchain technology ETF— offer diversification across the crypto market, reducing your risk compared to holding a single cryptocurrency.
Regulation:?ETFs are regulated by financial authorities, potentially offering a safer alternative to unregulated crypto exchanges.Liquidity:?ETFs trade on stock exchanges, providing greater liquidity compared to some individual cryptocurrencies.learn more: https://lnkd.in/gG2j9p2E
SINGULARITY
HOW LVMH, LORO PIANA, DIOR, AND BULGARI ARE HARNESSING AI
Jing Daily by Bethanie Ryder ?? Key Takeaways?? With artificial intelligence crowned the buzzword of the week, the likes of Louis Vuitton , Loro Piana , Dior, and Bvlgari used the convention as a proving ground to pilot their generative AI innovations.
?? LVMH , a founding partner of the Viva Technology summit, captivated attendees with its Dream Garden exhibit, where 13 of the conglomerate’s subsidiaries presented their own AI-powered experiences.
Bvlgari was one of them. The Italian maison unveiled a first-of-its-kind mixology experience, inviting guests to take the reins over product production and co-create their own unique scents via interactive technology and AI.
?? French perfumer Guerlain adopted a similar approach. The brand leveraged virtual reality tech to create a multidimensional olfactory landscape for visitors, complete with scents, audiovisual capabilities, and 3D technology. Users accessed the experience via a headset.
?? Speaking of which, Apple’s new Vision Pro gadget also made an appearance as part of Rimowa’s immersive presentation. Riding on the headset’s recent e-commerce success, audiences could explore Rimowa’s travel product range using spatial computing and augmented reality.
?? Meanwhile,?Loro Piana?introduced its “Silhouette” activation. The interactive display enables users to design their own digital doppelg?ngers before styling them in virtual Loro Piana garments. It’s a solution that could be implemented both in-store and online as a new try-before-you-buy service.
?? Meta BitesIn other news this week, L’OCCITANE Group en Provence has launched a new virtual shopping destination alongside developer Emperia . The L’Occitane Greenhouse invites visitors to explore the brand’s range of summer fragrances, drawing inspiration from the picturesque landscapes of southern France. Consumers can also learn more about L'Occitane’s approach to craftsmanship and locally-sourced ingredients.
Digital fashion house SYKY has announced a new collaboration with virtual jewelry expert XTENDED iDENTiTY . Dropping on June 7, the five-piece collection comprises both digital and physical pieces, including a made-to-order crown that takes 30 days to craft. The collaboration is also the first drop in the “Syky Drops” series, a monthly release of pieces from some of the world’s most exciting digital designers. This week, Xtended Identity also launched its new Vision Pro experience, offering a new way for consumers to explore the brand’s product range.
?? learn more:
TRUE FIT LEVERAGES AI TO HELP ONLINE SHOPPERS FIND CLOTHES THAT FIT
TechCrunch : True Fit , the AI-powered size-and-fit personalization tool, has offered its size recommendation solution to thousands of retailers for nearly 20 years. Now, the company is venturing into the generative AI space with “Fit Hub,” a new tool that aims to improve the way online shoppers find clothing that fits their body type.
?? Key Takeaways
?? Sizing issues continue to be one of the main sources of friction among online consumers, with the average return rate for e-commerce at?17.6%. Many customers try to avoid returns by carefully examining product detail pages for size charts, descriptions, and customer reviews to gauge how the clothing will fit. With its latest tool, TrueFit focuses on helping consumers well-fitting clothes on the first try with minimal returns.
? Fit Hub aims to be a less time-consuming solution as it consolidates all the information from product pages into one place to help shoppers quickly learn about an item and feel more confident that they’re buying the right size. The AI analyzes the size chart, description, customer reviews, and sales and returns data. It can then determine if a size 16 shoppers should size down or if clothing is true to size for people who wear size 4.
? Jessica Murphy , True Fit co-founder and chief operating officer, told TechCrunch, “We’ve gotten to the point where it’s almost information overload when it comes to size and fit. On any given website, you could have up to five different forms of size and fit information… We have one centralized place where we can synthesize that guidance from across the product detail page, combine new insights with traditional advice, and then simplify size and fit understanding for all types of shoppers.”Another upcoming tool is called “Brand Sizing,” which will help frequent customers compare sizing to previous purchases from their favorite brand. For instance, the AI will cross-reference 200 past purchases of a shirt to 500 other tops from the same brand to determine if it’s the “usual sizing” or if the shopper should size up or down. On the long-term roadmap, True Fit is also building a generative AI chatbot to help shoppers discover products and ask specific questions, such as, “What jeans fit better for people with muscular thighs?” The feature is still in the early stages of development and is limited to 1 million products so far. True Fit recently?collaborated with Shopify?to bring its services to businesses and merchants of all sizes. The company previously only catered to large brands, so this means more companies will have access to its no-code size-and-fit solution.
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HOW BRANDS AND RETAILERS ARE PARTNERING WITH TECH TO IMPROVE SHOPPING WITH AI
WWD : And how the latest tech promises to change shopping with bots that are more humanlike than ever.
?? Key Takeaways:
?? Multimodal AI and the New Fashion BotsCustomers often judge shopping AI features by the chatbots that present them. That was terrible news for retail, and the debut of ChatGPT highlighted it. This ability to take in and respond across multiple formats is called “multimodal.” It’s the new black of chatbot tech, with Google and Microsoft pushing their own versions. These bots could bring back a human-ish touch to shopping assistance, styling and customer service, and real-time sight alone could drive features like on-demand styling and live AI recommendations, even in brick-and-mortar stores.
?? Size GuidesThere’s no shortage of companies that specialize in decrypting sizing guides, those confounding tables that so often vary from one brand to another, and analyze shoppers’ measurements against them to find the perfect match. It’s both an art and a science. Size is a sensitive topic, and skewed or aspirational views can throw off systems and data models —?all of which helps explain why different methods exist to capture size info, from games to surveys to returns-history analysis.
?? Virtual Fitting“Virtual fitting” can mean a lot of things. Some brands offer fit predictions just to personalize styling or product recommendations, while others use AI to power visual, first-person experiences, where users can try digital looks on themselves with augmented reality. AR, which adds 3D graphics to a camera’s live view, works well in certain retail situations, like digital beauty makeovers, and is often applied to items such as bags, footwear, watches and eyeglasses.
?? Product RecommendationsIt’s a crowded space filled with giants like Google, Amazon and others, including some unexpected players. Meta is dabbling in styling with its Meta AI bot, which offers fashion advice over chat or via its camera-equipped Ray-Bans.EBay isn’t known for fashion, but it figures algorithms can change that. The company expanded its “Shop the Look” feature for furniture to clothes, and its new AI-based click-to-resell tool, which auto-populates product listings, could ensure plenty of product to choose from. Italian outerwear brand Save the Duck is the first brand to take up the recommerce feature.?? The Complicated Business of?Getting DressedAI is everywhere, doing a little bit of everything — but not all together. Amazon, Adobe, Walmart, Google, Shopify, Salesforce, Klarna, Adobe, eBay, Stitch Fix and the like represent billions of dollars in transactions, and their deep investments in shopping AI are influential, driving waves of data-fueled features and experiences.
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COMMONWEALTH
THE BRITISH FASHION COUNCIL'S MISSION IS TO CHAMPION BRITISH FASHION AS A CREATIVE FORCE
Ahead of the upcoming general election in the UK, scheduled for July 4 by Prime Minister Rishi Sunak, David Pemsel , Chair of the British Fashion Council (BFC),?has issued a public letter outlining five priorities for the incoming government to focus on to ensure the economic and social growth of the fashion sector.
This appeal comes after a challenging period for the local industry, with fashion businesses facing tough market conditions due to new trading relationships and the ongoing post-pandemic recovery, as Pemsel highlighted.DAVID PEMSEL LETTER JUNE 2024 – CHAIR/CEODear BFC Community,The general election on 4th?July has come at a crucial time for the fashion industry. Government engagement is much needed for our future success. As we celebrate LFW40 and prepare for June and September editions, it is a great moment to celebrate the diversity and impact of British fashion, whilst being realistic about the challenges that face the sector.Globally, but particularly in the UK, market conditions remain tough for fashion businesses. Here, we are feeling the challenges of our new trading relationships with suppliers and customers in Europe and we are rebuilding our businesses after the shock of the pandemic. While promoting responsible growth, we are striving to promote British independent businesses in a global market which is experiencing a great deal of uncertainty.
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LUXURY, PREMIUM, AND MASS MARKET BRANDS ADAPT TO GEN Z CONSUMERS
Fashion Network : In the fast-evolving world of fashion, Gen Z is proving to be a game-changer, compelling luxury, premium and mass market brands to rethink their marketing strategies, according to the latest data report from Launchmetrics .
?? Key Takeaways?? Luxury brands opt for Gen Z-focused strategiesThe report highlighted how the top 20 luxury brands experienced an average Media Impact Value (MIV) growth of 69% over the past three years. Among the top 20,?Dior,?Chanel,?Louis Vuitton?and?Gucci?remained in the top 5 compared to 2020, with?Prada?creeping up to steal the fifth position from Saint Lauren. Loewe?takes the spotlight as the luxury brand with the biggest growth since the pandemic (+168%), from not even appearing in the ranking in 2020, to placing 13th in 2023. Under the creative direction of JW Anderson, innovative designs, like the faux flower bodice and balloon shoes from the SS 2023 collection, have captivated social media, driving Loewe's rapid ascent.
?? Premium?Brands embrace influencer culture and inclusivityStill, premium brands experienced the highest MIV growth since the pandemic, averaging 114% among the top 20. Notably, Skims, founded by?Kim Kardashian, soared to the top spot with a 407% increase, illustrating the power of influencer marketing and inclusivity.American brands?Calvin Klein?and?Coach?were once again in the top 5 among the premium market, compared to 2020, reflecting their strong appeal to Gen Z. Coach, in particular, has been recognized as Gen Z's favorite handbag brand, supported by its $355M MIV in 2023.
?? Sportswear dominates mass market trendsMass market brands have also proven their appeal among Gen Z consumers, growing by 62% since 2020, with sportswear brands leading the charge.Shein, in particular, stands out with a 237% increase in MIV, driven by effective use of influencer marketing and celebrity partnerships. The brand claimed the number 4 spot in 2023, up from number 9, in 2020.
?? Gen Z Influencers and celebritiesStill, connecting with Generation Z isn’t just about tapping into their values; it's also about collaborating with the right voices that resonate with their age and culture. The top 20 Gen Z-aged influencers have made a profound impact in 2023, driving fashion trends and brand engagement. The celebrity landscape saw a notable shift towards the Asia-Pacific (APAC) region in 2023, with K-pop groups like NCT, New Jeans, and Enhypen securing top spots in global rankings. This trend highlights the immense influence of Korean pop culture on fashion, underscoring the global appeal of K-pop music and performances.
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Executive Director Marketing @ AL-Amin Export Ltd | Fine Arts
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Executive Director Marketing @ AL-Amin Export Ltd | Fine Arts
5 个月#Sweater #Jumper #Cardigan Manufacturer #From Bangladesh #More affordable Price #Made by 100% Cotton ,Combed Cotton & Organic #Merino Wool #Blended Wool Yarn?????????
Executive Director Marketing @ AL-Amin Export Ltd | Fine Arts
5 个月#Sweater #Jumper #Cardigan Manufacturer #From Bangladesh #More affordable Price #Made by 100% Cotton ,Combed Cotton & Organic #Merino Wool #Blended Wool Yarn?????????
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