Over a year after the pandemic has decimated the supply chain for fashion brands, Nike acquires startup brand RTFKT, who specialises in virtual accessories including sneakers. Is this acquisition a moment when Nike has succumbed to current fads or is Nike looking to lead into the future of the Metaverse?
It would appear that the subject of NFTs are all the rage and is the new hot topic that can be overheard at most social gatherings. Fashion brands, not wanting to be left out of the current trends, have started to move into the virtual space. Even Prada is enlisting virtual influencers to keep up with the current trends.
As the user experience of wearing the garments has been an essential element to a fashion brand, how could virtual fashion be a part of long-term strategy for fashion brands? Nike, having a recent history of using technology to interact with its consumers directly, has the foresight to gather data from their consumers to keep them with an edge in a competitive retail landscape. Nike Training Club, also known as NTC, and the Nike collaboration Apple watch show that Nike is investing into technology to keep in touch with the consumer and their needs. Will the acquisition of RTFKT give Nike another advantage at acquiring consumer’s data? Only the future will tell.
Read more at: https://www.businessoffashion.com/articles/technology/nike-acquires-virtual-fashion-start-up-rtfkt/
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