DANIEL GRIEDER (4)
CEO HUGO BOSS
The metaverse is clearly THE topic of the future. It is a completely new space for brands, where the physical and the virtual worlds merge. We have already taken a step in this direction, through our TikTok challenge and the NFTs around BOSS X Russell Athletic. New business models and revenue streams will emerge, and there are great opportunities, which we will also tap into at HUGO BOSS. Of course, many things are not fully defined yet, and there are, for example, legal challenges that need to be addressed. But it is an exciting journey that we should embrace as an industry. Today, we know that digital fashion alone will not be enough: consumers expect more experiences. The meaning of fashion will change. Consumers desire to express their true selves, and personal expression is even more important to GenZ. People will have their avatars, for sure, and a digital wardrobe for different occasions. Digital fashion will therefore be a natural extension of the wardrobe as we know it today. This will, consequently, further increase the importance of digital sales channels for companies.