Gucci's Virtual Real Estate in Sandbox

At The BoF Professional Summit: An Inflection Point in Fashion Tech, the seasoned luxury executive explained why Gucci believes in the long-term potential of fashion and web3.  

Background:

Last September, Gucci announced that its CMO, Robert Triefus, would be taking on a new role as CEO of  Gucci Vault and Metaverse Ventures. Now, he works closely with president and CEO, Marco Bizzarri, to shape Gucci’s brand strategy while developing the house’s expansion into web3. 

This week on The BoF Podcast, Triefus sits down with BoF’s Imran Amed to discuss how the luxury fashion house’s ambitions in virtual spaces fit with its wider business goals and brand repositioning.   

“If we think about all that we're doing in the metaverse, we always have an eye on creativity, creating the emotion,” says Triefus. “But underpinning that is the story of the brand and all that rich storytelling that has built up over 102 years.”

Key Insights:

• Triefus says it’s particularly important for a luxury brand like Gucci to experiment with new technologies, because it offers a testing ground. “Through [Gucci] Vault, we're able to push ourselves into places where for the core brand, it might be considered to be too risky. But through Vault, we have that playground space so that if by chance we were to make a mistake, we're not going to impact the core brand,” he says. 
• Popping up in the metaverse plays a similar role for Gucci as running a billboard or other advertising activation. “It's an opportunity to engage with the community that is going into Times Square in the real world,” says Triefus. 
• Gucci Garden, which received 19 million visitors in two weeks and saw a digital version of its Dionysus bag retail for more than the cost of the physical bag, helped dictate steps Gucci will take in virtual worlds going forward. Learnings from Gucci Garden “[inform] us about where we can place our bets in the longer term and how we can be much more scientific in what we're doing,” says Trefius. 

Additional Resources:

• Luxury Brands Gucci, Tiffany Dive Into NFTs Despite Slump: Kering SA’s Gucci and LVMH’s Tiffany & Co. take a leap into NFTs. Gucci adds the cryptocurrency to its roster as an additional way to purchase its products. 
• How to Seize Fashion’s Gaming Opportunity — Download the Case Study: In a BoF case study, Marc Bain discusses how fashion brands can benefit from expanding their reach into the video game industry. 
• Gucci Teamed Up With Sims Community To Bring Its Off The Grid Collection To The Game: Nylon Magazine explains Gucci’s collaboration with Sims 4 content creators Grimcookies and Harrie to bring the brand’s Off the Grid collection into the game. 

To learn more about the metaverse and other critical topics discussed in the podcast click here. All BoF Professional members can watch the BoF Professional Summit: An Inflection Point in Fashion Tech on demand.

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