According to clothing and accessory retailer Ralph Lauren’s CEO Patrice Louvet, the metaverse is a way to tap into a younger generation of shoppers.
The metaverse topic has been gaining traction ever since Facebook announced that it was rebranding into the company Meta, with a focus on the futuristic virtual world.
Louvet said on Monday that Ralph Lauren is chasing money-making opportunities in the metaverse.
At the National Retail Federation’s annual conference, he said the company’s participation in the virtual world helps it connect with younger shoppers.
“There are a lot of parallels actually between the metaverse and Ralph’s vision because we are not a fashion company. We are in the dreams business,” the CEO explained.
Louvet has already participated himself and has dressed his avatar in a rugby shirt.
“One of our strategies is to win over a new generation and the new generation is there. So we have to be there,” he said. “There are a lot of parallels actually between the metaverse and Ralph’s vision because we are not a fashion company. We are in the dreams business.”
The CEO added that his cmpany is participating in metaverse platform Zepeto and gaming site Roblox, where shoppers can dress their avatars in Ralph Lauren apparel. He said the company has already seen how the metaverse could drive revenue. After a just a few weeks on Zepeto, it sold more than 100,000 units, said Louvet.
Ralph Lauren has not yet sold NFTs but is considering how that could boost its brand, too.
“We are learning,” he said. “We are experimenting. I do think that we are going to see consumers continue to be attracted to these spaces as they expand.”
Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.