Lablaco is an Italian company that helps fashion brands digitize their products. The idea behind the movement is that, like many industries, it’s only a matter of time before the fashion world goes completely digital. The “phygital” fashion market will see consumers purchasing both physical items and their digital “twins” which avatars will wear in the metaverse.
In an effort to establish a more sustainable and profitable approach to fashion, Lorenzo Albrighi and Eliana Kuo co-founded Lablaco in 2016 and serve as co-CEOs. They are believers in circular fashion, where clothing is designed and produced with methods focused on reducing waste. The pair hopes to use blockchain technology to promote this effort.
In the model developed by Lablaco, when a physical item is purchased, its digital equivalent remains paired to it. If the physical item is resold, its digital twin moves to the owner’s digital wallet, so that authenticity is apparent and the designer can follow where its creation goes.
While the fashion industry presently generates 92 million tons of waste each year, digitizing fashion will significantly reduce these numbers. If a designer currently needs to create an item in 10 different colors to test it out, the same item can be released into the metaverse in 10 different hues. Sales specs could be studied to determine which version to produce physically.
In the metaverse, opportunities are endless. While this is a new spin for fashion, it is clear that many industries in the world are headed in this direction. And, as usual, fashion will continue to keep up with the times.
In 2015, the retailer REI first announced that its stores would be closed on Black Friday. This was a dramatic message at the time, as the day after Thanksgiving is known to be the most popular shopping day of the year, with stores offering competitive sales. From then, the store continued in its path of shutting its doors on Black Friday, making the decision on a year-to-year basis. Now, however, the company has announced that every aspect of the business will be closed on Black Friday every year. This includes all 178 of its retail stores, its call centers, headquarters, and distribution locations – giving a paid vacation day to 16,000 employees.
In recent years, the excitement of Black Friday has been slowly waring off. The younger generation is less willing to wake up at the crack of dawn and wait outside on line for hours to get a good deal. Additionally, many companies have extended their “Black Friday sale” to the days leading up to Thanksgiving, or the days after – leaving less pressure to shop specifically on that Friday.
Following REI, a new trend has been noted with retailers choosing to “Opt Outside.” The movement prioritizes spending the day outdoors, creating experiences, and basically doing anything other than shopping. The CEO of REI, Eric Artz, says: “Opt Outside has always been about prioritizing the experience of our employees, choosing the benefits of time outside over a day of consumption and sales. When we first introduced this movement, it was considered revolutionary for a retail brand, but we felt it was the right thing to do for our members and employees.”
While most retailers are still open for business on Black Friday, the change in thinking is revolutionary and sure to continue shifting trends in consumerism as the years go on.
The famed food manufacturing company Kellogg has announced that it will be splitting into three independent companies. The first will consist of Kellogg’s (K) North America cereals, the second is snacks, and the third is a new “pure-play plant-based foods company,” a shootoff of its MorningStar Farms brand.
The announcement from the 116-year-old iconic business comes a decade after Kellogg acquired Pringles. That sale was the beginning of a shift from a focus on cereals to snacks, following people’s tendencies to eat on the go and between meals.
In explaining the company’s decision, CEO Steve Cahillane affirmed that the move gives the chance for each spinoff to unlock its full potential. In an effort to grow shareowner value, splitting the business into individual entities enables each to realize the possibilities of its specific product line and reach appropriate financial goals.
The snack breakoff is destined to be the largest of the three, with over $11 billion in sales last year – 60% of sales coming from Pop-Tarts, Nutri-Grain, Cheez-It, and Pringles.
The new business split up is scheduled to be completed by the end of 2023.