The digital universe, parallel worlds, or the future of fashion?

One of the most influential fashion icons of all time, Gabrielle Chanel, left her legacy through the recognizable belief that "fashion fades, style remains." In contrast, today, as witnesses of the modern era, we notice that changing landscapes, creative fashion, new digital boundaries, and progress in sustainability potentially represent opportunities that the fashion industry is trying to predict. Given that digital technologies are moving into the next chapter of advancement - the metaverse, the question arises of how to anticipate this change and turn it to one's advantage. Will it actually be a boon or a bust? Will fashion industry manufacturers and customers worldwide truly embrace the metaverse, or is it just a marketing gimmick that will soon fade away?

Taking a step back, the word "metaverse" is increasingly present, whether you are familiar with technology or not, and this is in the context of fashion, entertainment, sales, marketing, etc. In simpler terms, the physical world meets the digital and literally takes us beyond our universe. The fact is that many are already thinking about how they could leverage these possibilities for the benefit of their business.

Some luxury brands are already using existing virtual platforms and building their impressive brands.

For example, the collaboration between a global luxury fashion brand and an online gaming platform led to the fashion house selling a virtual bag for $4,115, which is more than the $3,400 value of its real-world equivalent.

Forecasts from one of the American investment banks suggest that the metaverse fashion industry could exceed $55 billion by 2030.

Regardless of how imaginary all this may sound, the upside of the metaverse is that it allows brands to experiment with different fashion lines before deciding which ones to launch in the real world based on how well they perform in the metaverse. This potentially reduces the risk of oversupply and waste. Brands can use this way of doing business to try to understand new markets and different demographics. By early adoption of the metaverse in the fashion industry, brands can establish and build credibility in this rapidly growing community.

When thinking about how to bring loyalty to a brand through real-world touchpoints in the fashion industry, with virtual touchpoints, they need to recognize the potential of the metaverse, which provides space for both.

As the metaverse begins to dominate digital spaces, more and more brands are developing their own infrastructure to enter the race for the future way of life. One globally renowned luxury fashion brand has proven to be an innovative pioneer by creating an impressive virtual reality (VR) adventure, showcasing its fall collection by bringing a projected future to life. Combining realistic avatars and gaming technology, this project has been described as one of the most innovative projects ever undertaken. Players embark on an interactive journey based on the mythological past and projected future, exploring the new collection, encompassing every component of the customer's journey, including brand loyalty. This revolution for fashion brands unleashes innovative ways to creatively experiment, tell new stories, and launch fashion lines in a sustainable manner. But does this mean that the rule that luxury must be comfortable no longer applies?

The influence of new generations is drastically pushing the boundaries of the fashion industry, creating an image of authority for brands, whereas, in the era of great fashion icons, everything was framed from the brand's perspective as an authority.

Does this mean that the actors of this new era are beginning to change the meaning of fashion itself? Gabrielle Chanel, like most influential fashion icons, devoted her life to creating, perfecting, and promoting timeless style. In contrast, today's fashion industry is taking a big step forward, and it remains to be seen whether the favourite luxury brands in the fashion industry for the new generations will be exclusively those bold enough to lead the industry in innovation and digitalization or those who have remained part of cultural heritage.