Gucci has appointed President of Metaverse.  Should luxury follow suit?

Gucci has appointed President of Metaverse. Should luxury follow suit?

Just 10 years ago, the role of “Head of the Metaverse” or “Chief of Staff of the Metaverse” was unimaginable. Now, they have permeated the boards of directors of major luxury companies around the world. As Web3 continues its unprecedented – and somewhat untested – path, once-toned conversations are on the lips of the top luxury fashion and lifestyle moguls.

“How Web3 disrupts the luxury and fashion industry is key — it’s not just another channel for selling products, like e-commerce or Instagram,” says Eliana Ko, co-CEO and founder of circular retail platform Web3 Spin by Lablaco. “It will fundamentally change how products are designed, produced, sold, consumed, used and reused, ultimately shaping an ecosystem with new business models and new KPIs.”

If so, how can the industry tap this emerging digital space to its fullest potential, and are shoppers willing to buy? More importantly, how can companies position themselves as leaders in a field that is still establishing itself?

The answer to many of these questions is simple: hiring an expert to strategize a digital roadmap and showing consumers that the metaverse has serious weight. like Gucci. In September, the Italian luxury fashion house appointed Robert Trevus As CEO of Vault and Metaverse Ventures, a newly created division committed to expanding and implementing the Group’s Web3 ambitions. The role includes: exploring new opportunities to expand the home’s presence in online spaces; scaling of the metaversal roadmap; and overseeing the brand’s online pilot platform, Vault.

Effective November 1, Robert Trevus will take over as CEO of Gucci Vault and Metaverse Ventures. Photo: Gucci

In a statement, the Kering-owned company explained how Robert Trevos’ expertise and experience will help shape Gucci’s strategy in these strategic areas, which he helped build, having worked alongside relevant teams to shape and position the House’s approach. The Games and Web3 sectors”.

On the other hand, the decision to create and prioritize such roles is logical. Web3 market is expected to arrive $81.5 billion (588.5 billion Chinese yuan) by 2030, according to Emergen Research, a consultancy, with well-being The fashion and lifestyle segment is expected to boost industry sales by $50 billion (CNY 360 billion), according to Investment bank Morgan Stanley. Implementing a digital-first leader on the brand’s team reinforces to its clients, particularly those who remain pessimistic about virtual space, that the metaverse is (and will continue to be) a serious revenue generator.

“As with any marketing or business activity, you still need a coherent strategy that sets clear goals, identifies opportunities, and relationships in your Web3 efforts and back into the rest of your business. This is where Metaverse and Web3 admins can have a big impact,” Inara Nazarova, Vice President of Metaverse at Web3 the noiseexplains.

Despite these optimistic forecasts, the luxury sector has faced its fair share of challenges when it comes to navigating the metaverse. Traditional marketing methods that were once pillars of a brand’s customer strategy are being eschewed by this new generation of digital-native sponsors, who prefer community-focused roadmaps and drop-down models. Exploiting this new wave of purchasing power is difficult: the consumer mindset and behavior in this field is still nascent, making it difficult to track trends, habits or famous brands and individuals in the scene.

But what does the position of head of the Metaverse actually involve? “I oversee a wide range of products, projects, and activations,” Nathan Minsberg, Metaverse Lead at A new vision for the brand details. “From premium digital clothing sold in the form of feature-packed NFTs to owners, to conceptualizing and building different metaverse spaces on platforms with very different aesthetics and disseminating experiences with different levels of gamification or social interaction, to finally making it all come back to reality through physical events” . Having someone who understands the advanced virtual world — as well as all the nuances that come with it — let alone keep tabs on it, Important To audit the future of the brand.

Realizing this, luxury homes are fighting for the most forward-thinking individuals to boost their presence on the web 3. Balenciaga is said to be creating its own metaverse, while the luxury giant is LVMH has welcomed Nelly Mensah to the new position of ‘Head of Metaverse and Crypto’ to lead all metaverse efforts globally and distill knowledge across the group’s clients, which include Givenchy, Louis Vuitton and Christian Dior.

On the professional job site LinkedIn, a quick search for the role “Chief Metaverse Officer” leads to a list of international names and companies. From small and medium businesses to start-ups, the number of individuals with this title is a promising sign for Web3 and its impact on businesses around the world. according to StockApps.comInterest in metaverse-related jobs has also increased by 105 percent over the past three months. Job advertisements are increasing, and more people are looking for information about technology.

Speaking about the stats, TradingPlatforms specialist Edith Reeds said the metaverse is still “in its infancy,” but they are already seeing demand for tech-related jobs. “With the launch of more virtual reality headsets and the emergence of social media platforms, we expect this demand to continue to grow,” she added.

When it comes to China, luxury homes must design proactive plans to engage the metaverse if they are to succeed in the critical and highly digital domestic market. According to the local business site Zhilian Zhaopinmetaverse-related recruitment positions increased 16.6 percent year-over-year from January to July 2022. This sector is also one of the best pay In China, with recent graduates earning between $55,500 and $70,000 (400,000-500,000 CNY) and senior members earning millions of yuan annually. This reflects the intense competition among Chinese metaverse companies to acquire the required specialized talent.

However, companies must also now be fully aware that Chinaverse is following its own approach inactive road. In this state-led model, only entertainment-related functions are from secondary importanceWhich means that fashion companies are unlikely to be in the lead. her talents metaverse It is largely concentrated in technology companies It has not yet spread in the fashion industry.

As such, brands should view the Chinese metaverse not in isolation but instead as an integral part of the ever-evolving social media landscape here. This was pointed out by Grégory Boutté, Kering’s Chief Customer and Digital Officer, during an exclusive an interview On the importance of Metaverse initiatives Kering. He stated that China is an important source of “digital inspiration” and attributed the company’s success in the mainland to its formulation of a digitization strategy in which a large number of local social media platforms participated early on.

As part of the Chinaverse, Baidu’s virtual world Meta Ziwu hosts live broadcasts of luxury brands such as Dior and Prada. Photo: Mita Xiuu

Some are understandably skeptical about hiring individuals to take over Web3’s dedicated internal silos. “It is the responsibility of the entire team, including the CEO, to become part of the metaverse transition. Web3 needs a comprehensive approach that integrates all levels and all departments within the organization,” Daniel LangerAnd the Founder of luxury brand strategy firm Équité, recently noted during the Jing Daily x Équité webinar series.

While the idea of ​​hiring Web3 enthusiasts may seem far-fetched to some, now is the time to consider what this further transition into the metaverse might entail: whether by diversifying their team with more digital natives, educating existing employees in the internet, Or collaborate with dedicated consulting firms such as Metav.rs and Exclusible.

The competition is escalating to break the new internet age. Acquiring metaverse leads is a strong start for companies immersing themselves in the newfound space and may just be key to securing their place as a leader on the virtual path forward.

Additional reporting by Zhao Liu


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