International fashion group OTB Group has announced its new business unit, Brave Virtual Xperience, or BVX.
OTB Group, which owns global brands such as Diesel, Maison Margiela, Marni, Jil Sander, Viktor & Rolf and Amiri, has created the new unit in order to focus on the development of products, projects and experiences meant for the virtual world - otherwise known as the metaverse.
BVX will support all the brands owned by OTB Group, as well as the players and platforms in the gaming and metaverse industry looking to create different products and experiences. The metaverse, which is coming to be seen as the future of consumer engagement, is being used by brands to connect younger consumers to fashion.
BVX will be led by Stefano Rosso, member of the OTB board of directors and founder of D-Cave. Rosso plans on focusing on developing methods of interaction with customers, growing engagement and expanding its digital product offerings.
“I have always believed that technology was the next frontier for the fashion industry,” said chairman of OTB Group, Renzo Rosso. “Through BVX we want to lead the transformation of the fashion and luxury industry and meet the demands of current and future consumers to deliver products and experiences in the metaverse.”
A recent report by Morgan Stanley found that metaverse, gaming and NFTs could make up 10 percent of the luxury goods market by 2030, growing profits in the sector by 25 percent.
“BVX has the ambition to drive the digital transformation at OTB Group and its brands toward the future of our society, which will merge the life in the real and virtual world. Unlocking the potential of our brands in the gaming world and metaverse is definitely the most exciting experience to work on,” said Stefano Rosso.