Mystery Boxes Get a Luxury Makeover

Sequoia Invests in We11done, Is the Metaverse Good for the World?

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WHAT YOU NEED TO KNOW TODAY: THURSDAY, JANUARY 13, 2022 Luxury mystery boxes are attracting growing interest, with backers including LVMH's venture arm investing in UK-based start-up Heat. The metaverse comes with social and environmental costs that brands must factor into their strategies, writes columnist Doug Stephens. Sequoia Capital China is betting on South Korean brand We11done, its latest fashion investment since last year's Ami and Ssense deals, BoF can reveal. StockX is aiming to go public as soon as the first half of the year, reports Bloomberg. Next-gen materials start-up Mycoworks has raised $126 million to help scale production of its mushroom-based leather, which has captured the interest of companies like Hermès.

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LUXURY Why Luxury Wants in on Mystery Boxes By Daniel-Yaw Miller

LVMH's venture arm joined the seed funding round of start-up Heat, which has tapped into Gen-Z's appetite for social commerce and resale by selling surprise selections of high-end products. READ MORE

RETAIL The Question No One Is Asking About the Metaverse By Doug Stephens

Is the metaverse good for the world? Retailers must bake environmental and social awareness into their strategies from the start, argues Doug Stephens. READ MORE

GLOBAL MARKETS Sequoia Capital China Acquires Majority Stake in We11done By Casey Hall

The deal will help Seoul-based We11done to accelerate growth of its direct-to-consumer business across China, Europe and the US, BoF can reveal. READ MORE

SUSTAINABILITY Next-Gen Materials Start-Up Mycoworks Raises $126 Million By Rachel Deeley The company is already working with Hermès and will use the funds to help scale up production of its mushroom-based leather alternative. READ MORE

Instagram to Host Week-Long Event for Content Creators During Paris Men's Fashion Week READ MORE

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NEWS BRIEFS Sneaker Market StockX Taps Morgan Stanley, Goldman for IPO Online Holiday Spending in the US Grew at the Slowest Rate in Years Gap Is Releasing a Collection of NFTs JD Sports Lifts Outlook as Shoppers Splash Out on Sportswear

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How Centralised Customer Data Platforms Can Drive Retail Growth "While it's never been easier to start a clothing brand, it's never been harder to capture new customers. As a result, retention — over acquisition — is [emerging] as an industry priority," says Teamwork Commerce CEO Michael Mauerer.  Here, he shares insights on how unified customer views can help gauge the efficiency of retail networks, as well as the long-term growth opportunities found in personalising retail experiences. READ MORE

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