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KEY TAKEAWAYS / 07.18.2024

Daily news and stories covering everything from the Fashion System, Investment, and AI to WEB3 and Crypto that truly matter in Metaverse Fashion.

ESSILORLUXOTICCA TO BUY SUPREME FOR 1.5 BILLION | [FASHION SYSTEM]

Bloomberg

💰 EssilorLuxottica SA agreed to buy the streetwear label Supreme from VF Corp. for $1.5 billion in cash, adding another lifestyle brand to the French-Italian eyewear company’s stable that already includes Ray-Ban and Oakley.

🏁 Supreme was founded in New York by James Jebbia in 1994, selling clothes and footwear targeting skateboarding and urban trends. It has moved from being a cult favorite, with its distinct red and white logo, to a mainstream success and now has an online business as well as 17 stores in the US, Asia and Europe.

💥 Supreme’s growth has been fueled by so-called “hype” marketing, including limited-edition collaborations with partners ranging from watchmakers to musicians, and frequent “drops” of new products. Among others, it has tied up with Louis Vuitton and The North Face.

ℹ EssilorLuxottica was formed from the merger of two of Europe’s most prominent eyewear companies — Italy’s Luxottica and France’s Essilor. It is a global leader in the production and sale of prescription eyeglasses, sunglasses and

NEW RAY-BAN META GLASSES HAVE OUTSOLD PREVIOUS VERSION, ESSILUX CEO SAYS | [SINGULARITY]

Reuters

👾 The Ray-Ban Meta smart glasses went on the market last October, allowing users to livestream directly from the glasses to followers on Facebook and Instagram. The smart glasses have Meta AI built in, with the ability to give information on the item a user is looking at.

🗣 EssilorLuxottica's CEO Francesco Milleri said that the first generation of smart glasses, called Ray-Ban Stories, paved the way for the success of the new generation of smart glasses. "Today people's expectations are clearer.. hence the success of the second generation," Milleri said on the sidelines of an event in Milan.

🕶 The AI feature on the Meta's Ray-Ban is restricted to the US and not allowed in Europe at the moment. "In Europe we are waiting for the decision of the new Artificial Intelligence Act, which we hope will arrive soon", Milleri added.

💥 EssilorLuxottica's CEO added that Meta was a "key partner" for the company and that his group's brands can be "a cultural intermediary to bring technology to people".

ANTHROPIC AND MENLO VENTURES PARTNER ON $100 MILLION AI FUND | [SINGULARITY]

Bloomberg

📈 Anthropic is assisting Menlo Ventures with a new $100 million fund for artificial intelligence startups — and its chatbot, Claude, will recommend potential deals.

💰 Menlo Ventures’ Anthology Fund, the latest entrant in a crowded field of new AI backers, is for companies that are using Anthropic’s Claude AI models to build their products. Menlo Ventures, which is one of Anthropic’s investors, will supply all the capital for the fund, with investments starting at $100,000 for early-stage companies, the firm announced Wednesday. Anthropic won’t take a stake in the companies, but will provide networking opportunities and credits for using Claude.

🤝 The alliance with Anthropic is meant to help Menlo Ventures find more AI startups to invest in, while building their relationship with Anthropic, Menlo Ventures Partner Matt Murphy told Bloomberg News in an interview. It will also make clear externally what the venture firm is looking for, he said. Companies participating in the fund will not be expected to only use Anthropic’s AI models.

🔐 Anthropic’s fund will invest in startups that are focused on several areas, such as those making tools for trust and safety in AI — topics that the company has emphasized since its founding in 2021. It will also look for companies applying AI in original ways in fields like healthcare or cyber security.

CFDA/VOGUE FASHION FUND PARTNERS WITH MOBILE STYLING GAME | [METPAHYSICS]

FashionUnited

🤝The CFDA/Vogue Fashion Fund, which supports the next generation of American fashion talent, is partnering with new mobile fashion styling game Fashion League.

🎮The free-to-play mobile game from Finfin Play AG created by Theresia Le Battistini will debut during New York Fashion Week in September. It blends fashion, inclusivity and e-commerce and allows players to customise, style and dress their own 3D avatar, no matter the size, skin tone or gender, to compete in fashion challenges and play with others to grow their fashion empire.

🏆The partnership will kick off with a four-week ‘Fashion Fund’ activation featuring styling challenges, game locations, and backdrops within the Fashion League world inspired by this year’s 10 finalists, as well as prominent personalities from the CFDA/Vogue Fashion Fund selection committee, who will appear as non-player characters to enhance the storyline and narration of the event.

🌐In 2023, the number of global gamers surpassed 3.38 billion and generated 187.7 billion US dollars in revenue, explains the game developer. In addition, over 50 percent of gamers would buy real-world items from within a game and global consumers now spend over 1 trillion hours playing games, outpacing social media.

💲Fashion League is looking to establish a new benchmark by creating a new revenue stream for designers by giving their designs exposure to a wider, potentially new audience.

REDEFINING CORPORATE LEADERSHIP IN THE AGE OF AI | [SINGULARITY]

The Interline

🧠Artificial Intelligence (AI) is only getting more deeply integrated into global corporate enterprises over time. As a result, CEOs and business leaders are finding themselves at a new confluence of innovation, efficiency and ethics – and the success of strategic AI projects is set to be measured as much by the careful balance struck between technology and culture as it is by traditional, harder metrics.

🤙In the AI domain, bias and morality should not be considered the same thing. Bias refers to systematic errors in judgment or decision-making, often stemming from ingrained prejudices or flawed data. However, an ethical AI framework begins with inclusive design principles that consider diverse perspectives and outcomes from the outset. In a typical technology initiative this diversity of input and representation would involve ensuring that stakeholders are able to influence how the technology in question is deployed and used; in an AI project this would also need to incorporate much wider considerations.

👨Recent techniques, like Reinforcement Learning with Human Feedback (RLHF) that aligns AI outcomes to human values and preferences, confirm that AI-based systems behave ethically. This means developing AI systems where decisions are in accordance with human ethical considerations and that can be explained in terms that are comprehensible to all stakeholders – not just the technically proficient. Business leaders have a significant role to play here, since securing buy-in from process champions, fellow executives, and end users requires the ability to comprehend and communicate not just the rationale for adopting AI, but the mechanics of the models themselves.

⚖As leaders, it will be important to not just remain aware of the evolving regulatory landscape, but also to welcome external structure and scrutiny. Legislations can establish standards for transparency, accountability, and safety in AI development and deployment – providing clear guidelines and helping bridge public trust in a way that can anchor AI technology projects in that wider cultural conversation. Collaborative efforts between policymakers, developers, and ethicists are already progressing, but it will be equally important for industry to part of these discussions and policy frameworks.

THE DEVIL WEARS PRADA SEQUEL SHEDS LIGHT ON FASHION MEDIA’S DIGITAL TRANSFORMATION | [OP-ED]

Costantino Roselli for Metaverse Fashion Magazine

Great news for fans of Meryl Streep’s disdainful and sarcastic expressions as Miranda Priestly: the bitch is back! Disney has confirmed the production of a sequel to the iconic film “The Devil Wears Prada.” However, this time, Miranda will find herself in the most vulnerable situation yet, as the sequel focuses on the new reality that media has faced over the last 15 years. The digital revolution, much like the French one, screams democracy and dethrone the empress and her reign.

The Digital Revolution in Fashion Media

Over the past decade, the fashion industry has undergone a seismic shift. The advent of digital platforms and social media has not only altered how fashion is consumed but also who gets to shape its narrative. Influencers, bloggers, and even ordinary consumers wield unprecedented power, often eclipsing the reach and influence of traditional fashion editors. Social media platforms like Instagram, TikTok, and YouTube have become the new runways, where trends are born and disseminated at lightning speed. Influencers with massive followings can make or break a brand with a single post, and fashion shows are live-streamed to millions, bypassing the exclusivity that once defined the industry’s elite events.

Industry Insights

The transformation depicted in the film mirrors real-world dynamics within the fashion industry. Legacy publications like Vogue and Harper’s Bazaar have had to innovate aggressively, embracing digital-first strategies, enhancing their online presence, and engaging with audiences through social media. Edward Enninful, Editor-in-Chief of British Vogue, recently highlighted this shift, stating, “Our role is no longer just about dictating trends but facilitating a dialogue with our readers and viewers. The digital space allows for a two-way conversation, making fashion more inclusive and accessible.”

Cultural Impact

The original “Devil Wears Prada” resonated with audiences for its sharp critique of the fashion world’s excesses and its portrayal of personal ambition. The sequel aims to capture the zeitgeist of today’s media environment, reflecting broader societal changes and the ongoing tension between tradition and innovation. By focusing on the digital disruption of fashion media, the film is poised to spark discussions about the future of journalism, the role of influencers, and the evolving definition of authority and expertise in the fashion industry.

A Missed Opportunity?

Well, in my opinion, this movie should have arrived earlier, around 2017, to better define the new landscape and project the future. But like many other industries, the film industry often denies the truth of change until every hope is gone. It’s not just today that we are scrolling on Instagram and worshipping street style influencers; this has been happening for the last ten years. These are old news. Today, we are curating our avatars in gaming and Metaverse platforms, caring more about their fashion style than our own.

The Future of Fashion

Of all the statistics my favourite is the one that shows that for Gen Z, avatar curation is a form of self-satisfaction, much like fashion was for Gen X and Millennials. This means that no matter who takes the lead after the empress of mainstream media, it won’t last long because there will be no empire left to rule. The power has already transferred to a new reality, signaling the vibes of a new revolution that is just beginning.

But that is a story for another article.

Stay tuned…

Daily news and stories covering everything from the Fashion System, Investment, and AI to WEB3 and Crypto that truly matter in Metaverse Fashion.