In the 2020s, with the emergence of a variety of digital technologies, Prada Group was interested in developing a new digital strategy. The global leading luxury fashion house headquartered in Milan, Italy, was recognized for its innovation and creativity. It sought a strategy that reflected the values and legacy of the company, while considering the sense of exclusivity that consumers of luxury brands desired. Prada Group was considering a digital strategy involving either the Metaverse or Web3 through the launch of a non-fungible token or by offering branded headsets and other equipment for customers to enter the Metaverse. Both the Metaverse and Web3 were relatively new technology concepts, not commonly known for interacting with luxury fashion brands. The company had to decide if it should explore an opportunity involving the Metaverse or Web3, or if it should instead find a way to remain relevant to customers by pursuing another digital strategy.
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