In the Metaverse Strategies of L’Oréal and LVMH

LʻOréal and Louis Vuitton Moet Hennessy (LMVH) have taken the first steps in the metaverse. Senior leaders will explain how they approach this new location – from deciding which indicators in their portfolio are most relevant to the emerging environment to how they will see the portfolio as invest in their experiment.

None of the signals enter the ‘metaverse,’ creating a FOMO term in the industry. Nike launched ‘Nikeland’ last year and had more than 7 million visitors in metaverse history. Gucci said more than 18 million people have joined it at Roblox, starting a wave of luxury brands that are trying to re -create its brand. This week at the Cannes Lions festival the program is full of seasons on the buzzword du jour, and companies including Publicis (more than 1,000 employees currently working on metaverse projects), have set McCann and Wunderman first opened their stores by creating their own personal experiences. .

L'Oreal

L’Oréal and Louis Vuitton in the metaverse

L’Oréal and LMVH are way down the line with their metaverse designs. But that is not a wiser word than the beginners. Both want to emphasize that they are in an ‘experimental’ state, trying to understand its different characteristics and how long it can last.

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Here is what they saw.

L’Oréal

L’Oréal has three brands for its metaverse tests: YSL, Mugler and NYX Professional Make-up.

Testing the waters at NFT, he released a branded digital bag. People can claim up to 10,000 free NTF from L’Oréal to keep in this wallet, and within a year it can be used to unlock free digital information, real -world events and events. fall of products.

There’s no measure of success in this study – it’s all about training its customer to work with the brand in new web3 environments.

“We want to leave the basics and understand what the beauty is there and to root for the brand DNA there. We’re looking at it through the prism of the community,” said Asmita Dubey, digital manager and sales manager in L’Oréal.

“We think of immersive experiences. We know we’re going from 2D to 3D beauty, so what’s the point? And from there we look at virtual power, avatars, products and collectors. We’re looking for everyone to understand new information codes, new ways for people to experience beauty [in the metaverse]. ”

More broadly, he is looking at creating new organizations with businesses and people that LʻOréal had never considered before.

“There is a new ecosystem of friends that we need to start working on. We’re working with new technology platforms, we’re also working with Ariani – a platform that is growing on web3 – and crypto world companies. We need to come together with a completely new ecosystem, ”he continued.

This was developed with NYX. It is a make-up brand that is committed to professional make-up makers by selling the business online.

But he’s wondering how the brand can inspire a new generation of manufacturers, and has positioned itself in what Dubey describes as “the first decentralized label for manufacturers. ma web3. “

“A lot of 3D artists today are doing amazing work on the face and they get into digital beauty and make-up. That’s where we start. That is, to come together. the brand with 3D artists, animators and software engineers. We will start working with blockchain technologies, “he said.

Making progress in that work. NYX has teamed up with Sandbox to create 8,000 Pride avatars that are ‘crafted’ using the brand.

LVMH

Taking a different approach is LMVH, the good big man who is holding brands with Givenchy, Louis Vuitton and Christian Dior.

Nelly Mensah has been hired as the new head of ‘metaverse and crypto,’ stating that she sees this as a big money maker down the line. Mensah is a Deloitte Digital alumna and a former Sephora leader in digital innovations and innovations. He heads network3 and metaverse operations worldwide for LVMH.

“We’re thinking of four use cases,” he explained. “Some are customer story and immersive brand insights. It’s about seeing, seeking and looking for the truth. We are looking at digital twins and expanding all of our products to the world so that you can personalize and express yourself. And the latter will accept cryptocurrency for payments. “

Part of his job was to train the owners of the signatures, including Massimo Paloni, the general manager and new director at Bulgari. Instead of creating a knowledge base on one of the established sites – such as Roblox – he invested in the Italian design technology company Experiency to help him build a metaverse from the rubble. .

“Today’s metaverses aren’t good enough to support the status of a beautiful model. So we’re creating our own metaverse. It’s an idea. We’re creating a learning curve, designing areas. It’s a different kind of modeling, ”said Paloni.

“We’re trying to prepare the culture and process of the industry. And when the future of metaverses we can talk about opens up we’re ready.

In preparation for that time, the main task for now is to create 3D digital versions of his entire product catalog. It’s hard work to compare her diamonds here, and she takes the job elsewhere from a week to a month to make one beautiful piece.

Building a metaverse from a young age and spending weeks of time creating digital diamond necklaces has never been easier.

“Some brands are more successful at this in their own P&L [for the metaverse]. But right now we’re not there, “Paloni said of where the fund comes from.” The truth and rework is the right time for the fund. There is permission all around this, so we are not.

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