Brands Hit the Virtual Runway in Their Metaverse Fashion Week Debut
Metaverse platform, Decentraland, held the first ever virtual fashion week over the weekend. Brands leveraged the high end, one-of-a-kind 4-day event by creating unique experiences for users.
Estée Lauder partnered with Alex Box, a prominent female artist in the Metaverse space, to create an original, wearable non-fungible token (NFT) inspired by the brand’s #1 serum, Advanced Night Repair.
Apparel brand DKNY opened digital stores during Decentraland’s Metaverse Fashion Week as an immersive experience themed around its spring 2022 campaign. DKNY leveraged virtual signage in the Metaverse to advertise the experience.
Meta Yachts is the first ever virtual marina in the Metaverse, and is located in the Fashion District. During Fashion Week, Meta Yachts hosted VIP after-parties and private events.
Tommy Hilfiger leveraged the Metaverse by letting consumers view floating 3D renders of limited-edition products from the spring collection. The items can be purchased as NFTs, which can be redeemed for physical products delivered to the customers’ home.
Nike announced their earnings this week which saw nearly $11B in revenue, their most ever which increased 5% YoY. Utilizing the revenue, Nike was able to dive deeper into sponsorships increasing their total deals 36% from 2020 to 2021. The brand debuted their first ever 3D out of home campaign in the city of Shinjuku near Tokyo, Japan, celebrating AirMax day on March 26th.
Nike has over 650 sponsorship deals ranging across over 140 different leagues/associations. Within New York, their top market, the brand has over 75 sponsorship or media deals which includes influencers, athletes and artists.
Within the NFL, Nike helped the athletes grow in total endorsement deals 51% YoY. Across the globe, athletes account for 41% of the sponsorship portfolio of Nike as they have deals with many star players across multiple sports. Most recently with athletes, Nike teamed up with Lebron James and Magic Fruity Pebbles to celebrate National Cereal Day on March 7th.
Fanatics has acquired lifestyle brand, Mitchell & Ness, the go-to hub for nostalgic sports jerseys and headwear. Fanatics has taken over the game for daily sports apparel and this new partnership will propel both brands in the lifestyle and fan based space. Jay-Z, Meek Mill, Lil Baby, Maverick Carter as well as the famous Tik-Tok family, the D’Amelio’s and others, have also acquired partial ownership in the brand in an announcement made earlier this morning.
From 2020 to 2021 Fanatics added over 70 new sponsorship / media deals while securing more than 30 new sponsorship deals alone. According to SponsorUnited, their current portfolio includes 19% of deals in the NHL, 17% in the MLB and 16% in the NFL followed by the NCAA. Fanatics also owns Majestic, a designer of athletic apparel and team uniforms as well as Steiner Sports, a sports memorabilia business.
Fanatics will be adding to their current sponsorship roster, vendor and media portfolios bringing in over 130 new deals to their business. 55% of Mitchell & Ness’s sponsorship deals are in the NBA while more than 12 of their sponsorship / media deals are in New York which is also their top market. Mitchell & Ness had a deal with the MLB during the 2021 season which saw their brand integrated into emails deployed to fans.