Can the metaverse help Victoria's Secret with a comeback?

The secret is out. Victoria's Secret is entering the metaverse, following in the footsteps of many fashion brands which have all doubled down on their strategy in this trending field. According to the application filed with the US Patent and Trademark Office, the lingerie company filed several trademarks on 8 February for its metaverse plans. Trademark lawyer, Mike Kondoulis confirmed the news on Twitter.

Meanwhile, MARKETING-INTERACTIVE has reached out to Victoria's secret for additional information.

According to patent documents seen by MARKETING-INTERACTIVE, the brand has filed trademarks for downloadable virtual goods, namely, computer programs for the creation and trade of digital collectibles using blockchain-based consensus protocols and smart contracts. These will feature information, photos, images, videos, recorded footage, highlights, and experiences in the field of fashion, clothing, fashion accessories, and style.

A patent has also been filed for retail store services featuring virtual goods, namely clothing, undergarments footwear, headwear, eyewear, bags, fashion accessories, photos, images, videos, and recorded footage for use in virtual environments and virtual fashion shows. It is also eyeing entertainment services.

Most recently, brands such as Gucci, Nike, adidas and H&M have also made their way into the virtual space. According to a report by McKinsey, the metaverse presents new retail experience possibilities as it “blends the engagement of physical shopping with the huge range of choice offered by eCommerce”.

“Retailers and e-commerce platforms can leverage their networks of vendors and management experience to develop the capabilities needed to run metaverse shopping platforms, including tools that enable consumers to try out and test products,” said the report. Consumer companies can also create virtual versions of their current products that are enhanced for metaverse life, as well as variants and upgrades of those current products.

Last year, L Brands spun off Victoria's Secret and Bath & Body Works. L Brands explained that the benefits of separating these two businesses include distinct strategic and management focus on specific operational and growth priorities and tailored capital deployment strategies based on each company’s operating and financial model, and the ability for the investment community to value each business independently and create significant value and certainty for our customers, employees and shareholders.

In 2019, the brand also cancelled its Victoria's Secret Fashion Show in a bid to show that it was evolving the marketing of Victoria's Secret due to rise in conversation around body positivity and representation. At that time, the brand wanted to hit the pause button to figure out how to “advance the positioning of the brand and best communicate that to customers.”

The cancellation also came amidst declining sales for the brand, which saw L Brands substantially pulling back on capital investment in the business.

Photo courtesy: 123RF 

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