Italian fashion conglomerate OTB has recently announced its entry into the metaverse through the launch of a new company called BVX (Brave Virtual Xperience). Led by Renzo Rosso, the owner of renowned fashion brands like Diesel, Maison Margiela, and Jil Sander, OTB aims to tap into the digital-only product space and connect with younger consumers through BVX.

BVX will function as a specialized competence center dedicated to developing tailored projects and content for the virtual world. It will collaborate with OTB’s fashion labels, as well as key players and platforms in the gaming and metaverse industries, with the ultimate goal of engaging consumers with fashion and lifestyle brands while driving OTB’s growth.

The metaverse and its immersive virtual 3D environment hold immense potential for the fashion and luxury sectors. According to a report by Morgan Stanley, the industry can anticipate an additional $50 billion in revenue from digital products by 2030. The report suggests that luxury brands can take advantage of short-term opportunities in non-fungible tokens (NFTs) and online gaming. Implementing these developments could potentially expand the luxury market by more than 10% and increase the sector’s EBIT by around 25% by 2030.

Renzo Rosso, the founder and president of OTB, firmly believes that technology represents the next frontier for the fashion industry. Through BVX, the company aspires to lead the transformation of the fashion and luxury sector by meeting the demands of both current and future consumers in the metaverse.

Overseeing BVX will be Stefano Rosso, Renzo Rosso’s son. With his passion for gaming and his roles on the boards of both OTB and the Aura consortium, Stefano brings a unique perspective and expertise to this venture. The Aura consortium, in which OTB recently became a member, employs blockchain technology to verify the authenticity of luxury products and combat counterfeiting. Stefano is also responsible for D-Cave, an online shop and lifestyle website that combines gaming, fashion, streetwear, and music.

BVX aims to accelerate the digital transformation within OTB Group and its portfolio of brands, envisioning a future where the boundaries between the real and virtual world blur. The company views itself as a pioneer in leveraging the metaverse for fashion, striving to stay ahead of the curve in meeting the ever-evolving needs and expectations of consumers in this digital era.

Here are two useful links related to the article:
1. Morgan Stanley’s Report on the Global Beauty Retail Market
2. Information on OTB’s Membership in the Aura Consortium