Global lifestyle brand Skechers is the latest brand to enter the metaverse space. Reportedly, it has announced signing a lease in Decentraland’s Fashion District. Recently, the company has also filed several international trademark applications to sell digital assets such as footwear and apparel. Consequently, this move will set the foundation for new growth opportunities in the metaverse.
As NFTs are seeping into the fashion and lifestyle industry, the world’s third-largest sports shoe brand has leased a 5,000 square foot space in Decentraland. Skechers plans to set up an experimental store in this virtual world. In a press release, Skechers President Michael Greenberg said, “Our Decentraland agreement is an investment in our future.” He also added, ” We look forward to embarking on this virtual era, and exploring creative ways for our brand to engage with new customers and audiences as we launch the new Skechers experience.”
Skechers became one of the many brands that embraced blockchain and the Web3 evolution with this move. Reportedly, international lingerie brand Victoria’s Secret has filed several trademark applications in the US for virtual goods and digital collectibles. Apparently, the brand is planning to introduce virtual undergarments, headwear, footwear, eyewear, bags, and fashion accessories to its line of products.
Last month, Italian fashion brand Gucci also purchased land in The Sandbox metaverse. It plans to create themed experiences and metaverse fashion items for The Sandbox players to use in the virtual world. Meanwhile, Puma also hopped into the NFT and Metaverse bandwagon last month. Till now, it has collaborated with several cat-themed NFT projects like Lazy Lions and Cool Cats and has plans for more future collaborations.
Based in Southern California, Skechers designs, develops, and markets a diverse range of lifestyle and performance products. It includes footwear, apparel, and accessories for men, women, and children. Apart from the United States, Skechers’ collections are available in over 180 countries and territories through department and specialty stores. In addition, there are over 4,300 Skechers and third-party retail stores and e-commerce websites selling direct to consumers. In 2021, Skechers crossed $6.29 billion in revenue and plans to reach annual sales of $10 billion by 2026.