LVMH Are Not Interested in Entering the Metaverse Just Yet
While it appears many companies across multiple industries are following each other into the virtual metaverse, one esteemed conglomerate is holding steady in the physical plane. LVMH chairman and chief executive Bernard Arnault recently said he feels no rush to follow others into Web 3.0, citing a current focus on ‘the real world selling real products'.
As reported by Business of Fashion, Arnault made clear his current thoughts on the metaverse and its associated contents during an annual investor presentation.
‘At present we’re in the real world selling real products. Surely it’s captivating, it’s interesting, it’s fun. But we have to see what the application of the metaverse and these NFTs will be.’
Arnault, who also co-founded LVMH and helped grow a portfolio of dozens of brands including Louis Vuitton, Christian Dior and Givenchy among others, didn’t rule out tapping into the growing digital space at some point. He did however see the potential of going about it in a way that would have ‘a positive impact on our brands’, indirectly referencing competitor Gucci’s $12 virtual sneakers as a cautionary tale.
‘It’s not our objective to sell virtual sneakers for 10 euros. We’re not into that. But there may be more relevant applications.’