BALENCIAGA HAS MAJOR PLANS FOR THE METAVERSE
Balenciaga has been bridging the gap between fashion and the digital world for a while now, ranging from its video game-inspired lookbook to its collaboration with Fortnite
Following Facebook's rebrand to Meta, a Twitter interaction between the tech giant and the fashion house unfolded, leading fans to speculate that something might be in the works. At Business of Fashion's annual Voices conference, Balenciaga CEO Cédric Charbit confirmed that the label has big plans.
Charbit announced that Balenciaga is creating a dedicated business to explore marketing and commerce in the Metaverse, continuing its innovation and presence in the virtual world. Basically, we'll all be able to wear Balenciaga couture on our digital dates. He also added that at one point, there were over 100 developers working on the new venture.
The label is also set to show its upcoming collection dubbed "The Lost Tape," which will debut alongside an accompanying video.
Recently, Balenciaga also took its Haute Couture collection to mainland China, showcasing the range in Shanghai, since clients couldn't travel to Paris for the show due to COVID-19 restrictions. “The influence of China is everywhere — aesthetically, economically, culturally and in fashion — so it was important for us to be present in this market with the top of the pyramid in terms of Balenciaga’s offer," Charbit said.
Balenciaga is doing it right. The luxury house is moving with the wave and isn't shying away from innovating and adapting new techniques and methods to grow the brand.
Plenty of fashion houses are beginning to dip their toes into the world of NFTs and crypto, but no one is doing it like Balenciaga. If brands want to succeed, they must adapt and continue to move forward – not remain tied to the past.
There's much to say about the move to the Metaverse mimicking that of physical publishing and retail moving online. The early adopters succeeded, and those who were too hesitant quickly expired.
It remains to see how Balenciaga's digital presence will grow, but we're excited to follow the journey.