- The leading luxury brand Louis Vuitton is taking the crypto route to widen its customer base.
Louis Vuitton is one of the leading fashion brands in the world. Its marquee products remain one of the most desirable things that ladies want to own. From accessories to shoes, perfumes, watches, jewelry, sunglasses, and books, it sells a wide range of items to its customers. For a very long time, Louis Vuitton has sold its products through high-end outlets, standalone boutiques, and its own website.
Finding innovative ways to broaden the reach
But the times are changing now and the brand seems to be ready to embrace the digital upheaval. Following the same vein, LV has announced that it will launch a limited series of NFTs. The tokens will give access to its exclusive products and experiences and will cost around $41,712 (Euro 39,000).
The exquisite series is called “Treasure Trunks” which will have “a few hundred” tokens only. Each token will feature the iconic Louis Vuitton luggage trunk which would be linked to a physical trunk. The company boasts of a voluminous sale of thousands of these trunks globally.
With NFT, the owners will get uncompromised and unchallenged ownership over these products. Besides the sole proprietorship, the holders of these tokens will also enjoy tailored experiences, customizable products, and access to early releases.
The sale of these tokens will start on June 8 and will be available only in a select few nations. The residents of the U.S., the UK, Australia, France, Japan, and Germany will be able to participate in the sale. Furthermore, a number of selected registrants will be invited to buy the items. The names will be selected by Louis Vuitton and the chosen people will be able to do it on a dedicated site using their fiat money or cryptocurrency.
Reportedly, the Treasure Trunk collection is a part of Louis Vuitton’s ongoing series “Via”. The parent series was introduced to grant exclusive access to Louis Vuitton’s premium clientele.
Through this initiative, the band has clinched another milestone. It has become the first luxury brand to embrace blockchain. It hopes to connect with a large number of audiences who want to own its products.
In the last few years, some other brands have previously experimented with NFT games and other digital means to reach a wider audience. However, most of such initiatives didn’t gain attention because reached very high-paying customers.
Yet, the digital fever is gripping the fashion industry gradually. In April, Ralph Lauren began its exclusive events for its Web3-initiated customers. Last year, Balmain also began developing an NFT-based club to serve its top-tier patrons.
It’s amazing to see how the fashion industry is warming up to the idea of blockchain through NFTs and other means. In the following years, we’ll certainly more brands and fashion enthusiasts jumping on the bandwagon. Names like Louis Vuitton and the prospect of owning its products certainly sweeten the pot for the crypto community too.