Hermès has ambitions to launch itself in the metaverse. The famous French luxury brand believes that virtual worlds are an excellent way to communicate with consumers. As e-commerce has become one of its main growth drivers, Hermès plans to follow the lead of other luxury giants.
Hermès plans to enter the metaverse
This Wednesday, April 20, 2022, Hermès, the famous French luxury brand, released its quarterly financial results. During the general meeting of shareholders held on this occasion, the group revealed its interest in the metaverse.
Our colleagues from the Journal du Luxe report that Axel Dumas, CEO of Hermès, said he was “curious and interested” in the digital worlds accessible through virtual or augmented reality. The executive believes that the metaverse could be a “good communication tool” for the brand.
Axel Dumas did not elaborate on the ambitions of Hermès. We imagine that the luxury brand could rely on the metaverse to federate its community, create virtual reality stores or sell virtual goods inspired by its creations.
Luxury brands are turning to the metaverse
Until now, Hermès has stayed away from digital assets and Web3. Focused on its artisanal approach, the fashion house prefers to “learn and monitor” rather than rush its entry into the metaverse. The metaverse is therefore not the priority of the Hermès group.
In its quarterly financial report, however, the company states that its sales depend heavily on its online stores. Axel Dumas even states that “78% of our e-commerce customers are new customers”.
Digital communication is therefore a major challenge for the brand, whose growth is largely based on online commerce. With strong sales, Hermès plans to “increase its strategic investments” in the near future.
This statement comes a few months after the French company came into conflict with a creator of non-fungible tokens (NFT). Hermès discovered that an individual named Mason Rothschild was selling digital bags inspired by its own. The multinational considered that the NFTs represented an infringement of intellectual property.
Unlike Hermes, many luxury brands have already jumped into the metaverse. For example, Gucci has joined The Sandbox (SAND) to sell virtual assets.
Last month, brands like Tommy Hilfiger, DKNY, Puma, Forever 21, Roberto Cavalli, Paco Rabanne, Dolce and Gabbana even participated in the first Fashion Week in the Decentraland (MANA) metaverse.