Can Luxury Maintain Its Relevance in the Metaverse? | Transforming Luxury

The Business of Fashion Podcast

The Business of Fashion

Fashion & Beauty, Business, Arts

4.6 • 770 Ratings

🗓️ 11 October 2021

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

The metaverse — a term originally coined by the author Neal Stephenson in his sci-fi novel ‘Snow Crash’ — is now widely used to describe how our physical realities will be augmented and overlaid by ambient and accessible digital experiences and services.

Luxury’s entrance into the metaverse was expedited by many brands’ leverage of new technologies to speak to consumers when lockdowns removed physical interactions in bricks-and-mortar stores and in-person events. But the impact of virtual and augmented reality on consumer behaviour preceded 2020: Forbes reported in 2019 that 40 percent of consumers were willing to spend more on a product they can experience through augmented reality technology first.

From stores that guide you from the street to luxury items designed exclusively for the smart glasses that every major tech platform is working on, the future of luxury is already here — it’s just not evenly distributed.

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Transcript

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0:00.0	I'm Robin Melary Pratt and this is Transforming Luxury, a new podcast series from the Business of Fashion
0:08.2	in which we're investigating how market disruption, new technology and growing consumer scrutiny
0:13.3	are driving transformative change in the $300 billion luxury goods market over a special
0:18.8	six-episode series presented by Klarna.
0:21.9	In this episode, we're discussing luxury in the metaverse, a term originally coined by
0:26.3	the author Neil Stevenson in his sci-fi novel Snow Crash, which is now widely used to describe
0:31.2	how our physical realities will be augmented and overlaid by ambient and accessible digital
0:35.9	experiences and services. From stores that guide you from the street to the dress you previously browsed on Instagram,
0:41.3	to luxury items designed exclusively for the smart glasses every major tech platform is now working on.
0:47.3	As we're about to discover, the future of luxury is already here.
0:50.3	It's just not evenly distributed.
0:53.3	But what role as an industry traditionally
0:56.5	based on heritage, craftsmanship, valuable natural resources and, until now, tactility, have in an
1:03.2	increasingly digitised world? Can luxury maintain its relevance in the metaverse? To answer that question,
1:09.9	I'm joined by Wanner CEO and the man that built
1:12.3	Gucci's virtual sneakers, Sergei Arkangelsky, Alyssa Obolkova and Paula Sello, the co-founders of
1:18.5	Aura Boris, as well as creative technologist, Omi Aki. Omi, I'm delighted you could join us.
1:24.2	Could you please start us off by explaining what a creative technologist is and also
1:28.5	give us an idea about the evolution of augmented and virtual reality in the fashion and luxury
1:34.4	industries? Of course. So a creative technologist, there's never been a particularly strong
1:39.7	description. A lot of my friends describe it as being a potato in that a potato can kind of do
1:45.0	everything. This ranges from obviously immersive technology, whether that be AR or XR, but as well as
	...

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