Ralph Lauren CEO says Metaverse is a way to reach young shoppers

Ralph Lauren CEO Patrice Louvet said on Monday that fashion brands are chasing the Metaverse opportunity as a way to attract young shoppers.

At the National Retail Federation’s annual meeting, consumers have already purchased Ralph Lauren’s digital apparel and said they can make virtual visits and drink virtual coffee at the company’s Madison Avenue store. He said retailers are considering buying real estate in a digital world where e-commerce, games and social media clash.

In addition, Rubet said he was personally involved. He has already put his avatar on his rugby shirt.

“One of our strategies is to win the new generation, and the new generation is there, so we have to be there,” he said. “Because we are not a fashion company, there are actually many similarities between Metaverse and Ralph’s vision. We are in the business of our dreams.”

More and more retailers are stepping into the Metaverse. Nike Acquired a virtual sneaker company RTFKT, last month. Walmart Recently submitted trademark Can pave the way for selling virtual products From home decor to personal care products, we provide users with cryptocurrencies and non-fungible tokens (NFTs).And luxury brands including Ralph Lauren and Gucci Start a virtual experience..

According to Rubet, Ralph Lauren participates in the Metaverse platform Zepet and the gaming site. Roblox, Shoppers can dress up their avatars with Ralph Lauren apparel. He said the company has already seen how Metaverse can make money. He said he had sold more than 100,000 units just a few weeks after at Zepeto.

Ralph Lauren hasn’t sold NFTs yet, but he said he’s also looking at how it can boost the brand.

“We are learning,” he said. “We are experimenting. I think we will continue to be attracted to these spaces as consumers grow.”