Ralph Lauren CEO Patrice Louvet said Monday (Jan. 17) at the National Retail Federation’s Big Show that the fashion retail brand is hitching its wagons to the metaverse in a quest to attract younger shoppers, CNBC reported.
Ralph Lauren offers digital apparel and virtual visits — including virtual coffees — at its flagship store on Madison Avenue and is considering whether to invest more heavily in the virtual world that brings together eCommerce, gaming and social media, according to the report. Louvet 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, per the report. “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.”
Retailers are jumping into the metaverse in various ways, the report stated. Last month, Nike bought virtual sneaker company RTFKT and Walmart could be looking to sell virtual goods from home decor to personal care products and to offer virtual currency and nonfungible tokens (NFTs).
Ralph Lauren is among the luxury brands that now offers virtual experiences, according to the report. It’s participating in metaverse platform Zepeto and gaming site Roblox, where shoppers can dress their avatars in Ralph Lauren clothing, said Louvet. It sold more than 100,000 units in its first few weeks on Zepeto, he said.
Walmart, the largest private employer in the U.S., filed several trademarks in late December that show its intent to make a virtual currency and to sell virtual goods, including electronics, home decorations, toys, sporting goods and personal care products.
Read more: Walmart Readies Metaverse Entry With NFTs, Own Crypto
Walmart said in a statement that it is “continuously exploring how emerging technologies may shape future shopping experiences.”