From virtual stores to plant-based materials, these early-stage startups are spurring innovation beyond traditional e-commerce platforms.
Startups developing virtual enablement platforms, new materials, and metaverse tech are looking to make the $387B luxury retail industry more sustainable and engaging for younger generations.
Some startups are working to reduce the 92M metric tons of waste produced in the world of fashion every year. For example, Biophilica develops carbon-negative, lab-grown materials that can be recycled and composted, while Vivrelle is focused on tapping into more sustainable consumption models, like subscription rental services.
To engage younger consumers, luxury brands like Gucci and Balenciaga are joining hands with startups offering direct-to-avatar apparel, branded NFTs, and virtual experiences. Dolce & Gabbana, for example, partnered with UNXD in 2019 in order to launch a luxury NFT collection that contained both virtual and physical pieces designed by the brand.
Using CB Insights data, we identified 70+ early-stage (seed/angel and Series A) private companies looking to reshape luxury retail.
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