What: The first virtual fashion brand, launched by a retail company.

Why it is important: 96% of Korean citizens are equipped with a smartphone and the metaverse is already a reality in Seoul. Virtual fashion might therefore be extremely interesting for specific markets, but, in others, might very well result in a waste of time, capex and energy for a limited ROI.

The Korean conglomerate Lotte operates Lotte Home Shopping, a business unit which brands itself as the first media commerce company, allowing customers to understand what they want, with the right information, and purchase products at the right price.

In order to ride the Metaverse wave, Lotte home Shopping goes a step further by introducing a virtual fashion brand, presented online by a virtual model. It also plans to release a NFT marketplace in April 22 to buy and sell virtual fashion items.

Lotte Home Shopping introduces virtual fashion brand