Will the LVMH Group also enter the Metaverse?
As we have highlighted several times with dedicated articles, the Metaverse seems a real new frontier for brands. Following the pandemic, the market has naturally moved digital, and many brands continue to close physical spaces.
But even though it seems that everyone is entering the NFT, some are proceeding cautiously, among which LVMH chairman Bernard Arnault wants to get into the Metaverse in the right way.
The luxury boss and Europe’s richest man is in no hurry to capitalize on the latest digital trend, unlike Gucci, for example, which has dived into the virtual realm, selling virtual sneakers from $12 and investing in collaborations with The Sims.
On the other hand, Louis Vuitton still seems far from choices of this kind, preferring a waiting position.
In an annual presentation to investors, Arnault explained his position on NFTs, saying: “At the moment, we remain in the real world selling real products. Surely it is captivating, interesting, and fun, but we have to see the application of the Metaverse and NFTs. It could positively impact our brands if it’s well done, but it’s not our goal to sell virtual sneakers for €10. We don’t care. Although there may be more relevant applications.”
Therefore, a waiting position is to be planned calmly and extremely carefully, exactly as is customary for the group that to date has not yet appointed a Creative Director for Louis Vuitton.