Luxury’s New Big Spenders

Osman Yousefzada's Memoir, Hermès Takes on the MetaBirkin

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WHAT YOU NEED TO KNOW TODAY: TUESDAY, FEBRUARY 1, 2022 Newly wealthy crypto investors and entrepreneurs have their own ideas about how to dress, creating big opportunities for luxury brands. Designer Osman Yousefzada has confronted his otherness, turned to art and chronicled the journey in a new memoir. Hermès has sued the creator of the "MetaBirkin" NFTs. Even if the brand wins in court, it likely will do little to stop the spread of unauthorised digital versions of luxury goods, experts say.

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TECHNOLOGY The Crypto Wealthy Are Luxury's New Big Spenders By Marc Bain

The swelling ranks of the crypto-rich are boosting US luxury sales, and unlike previous generations of tech wealth, many are splashing out large sums on fashion that gets them noticed. READ MORE

ENTREPRENEURSHIP Osman Yousefzada: 'The System Is Wrong' By Tamison O'Connor The British-Afghan-Pakistani designer confronted his 'otherness,' scaled back his label and turned to art. Now, he's chronicled his journey in his first book: 'The Go-Between.' READ MORE

TECHNOLOGY Why Hermès Probably Can't Stop the MetaBirkin By Marc Bain

Even if the luxury brand wins its case against the creator of the virtual interpretations of its famed bag, the NFTs can't be erased, at least not in any conventional sense. READ MORE

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NEWS BRIEFS Report: Peleton Trims Forecast on Apparel Sales Reliance Brands Inks Joint Venture With Indian Designer Rahul Mishra Dubai Design District and Arab Fashion Week Bet on Menswear Market

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