Ralph Lauren seeks guidance from Franklin Venture Partners on tech investment strategies.
Retail giant Ralph Lauren has announced a strategic partnership with Franklin Venture Partners, a team at Franklin Templeton focused on mid- and late-stage private companies, particularly those in the consumer technology sector. The partnership will see Ralph Lauren invest an undisclosed sum in consumer tech companies, with a specific focus on those led by women.
The collaboration builds on Ralph Lauren's minority investment in Natural Fiber Welding, Inc., a startup specializing in sustainable material science that has revolutionized the reuse of natural fibers into patented, high-performance materials.
Ralph Lauren's new focus on consumer technologies encompasses various platforms, with virtual customer experiences likely to be a key target. The retailer's CEO, Patrice Louvet, has already signaled the company's commitment to investing in new consumer acquisitions and digital capabilities. In November, the company announced a collaboration with Korean metaverse platform Zepeto, and in December, they unveiled a holiday experience on Roblox.
The Zepeto partnership exceeded expectations, resulting in the sale of 100,000 items within just a few weeks. The move added 1.4 million new consumers to Ralph Lauren's direct-to-consumer channels, marking a 19% increase compared to the previous year.
The metaverse, a digital space where users can interact with a computer-generated environment and other users, has emerged as a significant theme in the fashion industry. While some analysts are skeptical about the hype surrounding the metaverse, Ralph Lauren is leveraging its potential to create immersive digital experiences for consumers, fostering brand engagement and loyalty.
The retailer is not alone in this endeavor. Other fashion brands have also entered the metaverse, recognizing its potential as a significant market opportunity. With forecasts suggesting a substantial increase in the digital fashion market size, Ralph Lauren's strategy is likely part of a broader effort to tap into this growing market, capitalizing on the demand for digital garments and virtual fashion experiences.
- The partnership between Ralph Lauren and Franklin Venture Partners, focusing on consumer technology firms, particularly those spearheaded by women, marks a foray into AI, science, and technology-driven operations for the retail giant.
- In line with this new approach, Ralph Lauren's CEO, Patrice Louvet, has expressed a commitment to laboring on digital capabilities and strategic acquisitions with a focus on finance and business-oriented technology.
- The retailer's adoption of technology, seen in collaborations with platforms like Zepeto and Roblox, shows a keen interest in the intersection of business and war for consumer attention in the digital realm.
- With the metaverse becoming a touchpoint in the fashion industry, Ralph Lauren and other brands are exploring the possibilities of AI-driven, immersive experiences to stimulate labor for consumer engagement and foster brand loyalty, as part of a broader effort to capitalize on thegrowing digital fashion market.
