Many global luxurious brands such as Gucci, Burberry, Bulgari, and Prada already joined the NFT world. However, Bernard Arnault, the ‘father’ of Louis Vuitton, Dior, Givenchy, and many other renowned brands, isn’t convinced about joining the metaverse yet.
Bernard Arnault is the CEO of LVMH, the world’s largest luxury product company with a recorded revenue of 64.2 billion euros in 2021.
"It’s a purely virtual world and until now, we are in the real world and we sell real products. To be sure, it’s compelling, it’s interesting, it can even be quite fun. We have to see what are the applications of this metaverse and these NFTs,”
Even though Arnault had assured that so far, none of the LVMH brands are entering the metaverse, he admitted that the metaverse is “though-provoking” and could show potential for some brands in the future:
“It will be interesting to see how it generates profit. NFTs are generating profits, and I’m sure this will have a positive effect if things are done properly.”