For all the talk about high-profile fashion and luxury brands entering the metaverse with digital partners, the fact is that most companies are at least five years away from seeing any financial profits from this realm, according to a recent report by influential fashion website The Business of Fashion and consultancy McKinsey & Co. But what is also true is that global spending on virtual goods hit US$110 billion (S$152.4 billion) in 2015, and is expected to grow to US$135 billion by 2024. Hardly chump change.
Which is why we continue to see collaborations such as the latest one between British heritage label Burberry and video game Minecraft. The partnership comprises an in-game adventure called Burberry: Freedom to Go Beyond, a physical capsule collection and a further range of “extensions and experiences”.
This story is from the December 2022 edition of The PEAK Singapore.
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This story is from the December 2022 edition of The PEAK Singapore.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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