American footwear company, Skechers is the latest brand to hop on the metaverse bandwagon. Reportedly, the brand has signed a lease in Decentraland’s Fashion District. Along with this, it has also filed several international trademark applications to sell virtual goods, such as footwear and apparel.
Skechers metaverse move: What we know so far
California-based Skechers is the world’s third-largest sports shoe brand. In fact, it surpassed $6.29 billion in revenue in 2021 and plans to hit $10 billion in annual sales by 2026. In its efforts to explore growth opportunities in the metaverse, the brand has leased a 5,000 sq. foot space in Decentaland’s Fashion Street Estate. Skechers plans to build an experiential store in this virtual land.
“Our Decentraland agreement is an investment in our future,” Michael Greenberg, president of Skechers, said in a press release. “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.”
With this move, Skechers is joining a range of brands that have entered the metaverse. Lingerie powerhouse, Victoria’s Secret, for instance, filed several trademark applications with the U.S. Trademark Office for digital collectibles and virtual goods. Apparently, the brand is planning to sell virtual undergarments, footwear, headwear, eyewear, bags, and fashion accessories.
Meanwhile, Italian fashion brand Gucci bought land in The Sandbox metaverse early last month. The designer clothing brand will create themed experiences on the platform, taking inspiration from its “Gucci Vault” platform. Additionally, Gucci will release metaverse-ready fashion items for Sandbox players to use in the game.