March 14, 2023 | Gucci Vault & Metaverse Ventures
Georgetown Retail and Luxury Association hosted Gucci Vault & Metaverse Ventures CEO and Senior Executive VP Corporate & Brand Strategy at Gucci, Robert Triefus, on March 14, 2023. This unique conversation focused on innovative digital activations, exploration into the Metaverse, and how Mr. Triefus sees the future intersection between technology and luxury.
Through this event, it became clear that Gucci is known for reinventing itself and staying relevant across time, which required the brand to consider the new space of e-commerce and digital spaces. They were pioneers in luxury e-commerce at a time when it was unclear if luxury items could sell online. In fact, many luxury brands and customers had debates about what “luxury” meant, and if it involved the digital realm at all, but Gucci was willing to take the risk and experiment in the digital age. Gucci realized that print media strategies were fading, so they pivoted to an innovative digital marketing strategy.
Their eyes are now set on the ongoing digital revolution of community building and self-expression, such as through the gaming industry and the Metaverse. Triefus believes that brands need a reason to use technology, and if you use it just for the sake of “newness” it doesn’t come across as genuine to customers. Consequently, Gucci’s new business team has carefully experimented with the Metaverse and Web3 by creating the Gucci Vault platform. This is a trailblazing retail destination where they can do collaborations and experiment. Gucci Vault opened in Roblox, the Sandbox, and gaming spaces. For instance, in Roblox there are secondary markets for a Gucci bag, allowing them to stay authentic in their luxury core but also delve into new universes.
In this talk, Triefus discussed how Gucci has constantly been a trailblazer in brand strategy by pivoting to different facets of the digital space. Triefus believes that the luxury industry is about emotional storytelling to customers, and Gucci will continue to find new ways to do so whether it be in-person or online. From this we learned that as society evolves, Gucci will continue to evolve in tandem, meeting consumers in new ways while maintaining true to Gucci’s exceptional heritage.