Kering Taps The Power Of AI, NFTs With New Tech-First Fashion Marketplace

Kering, the largest luxury goods group after LVMH, has launched its very own “cutting-edge fashion space” coined KNXT. Harnessing novel technologies, the online site is a place for the giant to test the curation of new innovative content and ideas through the integration of AI and NFTs. The platform introduces a new chatbot named “/madeline,” powered by OpenAI’s ChatGPT, that acts as a personal shopper to help visitors browse luxury brands including Gucci, Balenciaga, and Bottega Veneta and avoid “endless scrolling." As of now, users can connect their crypto wallets to the marketplace and buy items using the cryptocurrency ETH. To commemorate the launch, KNXT announced it will airdrop NFTs from its “La Première” collection to the first 100 people who make a purchase using a Web3 wallet. The token arrives in the form of an owl that sports the various luxury labels available to purchase on the site. Although the platform states that Kering is behind its creation, the multinational is yet to issue an official statement on KNXT, suggesting that the group is keen to keep the project's exposure to a minimum during its initial testing phase. What this means for luxury at large Luxury has adopted AI with little hesitation, enabling the tech to quickly overtake Web3 and metaverse-related initiatives such as digital assets and virtual influencers. As a result, more brands are looking to AI to spearhead growth; not only does AI present a significantly lower risk than Web3-related tools, but it’s also a more palatable method of onboarding hesitant consumers. With world-leaders like LVMH still working out where Web3 fits into their strategies, it’s interesting to see Kering keep its finger on the pulse of evolving consumer interests. Consumers’ appetite for AI-generated projects is also growing. Searches for "artificial intelligence" have skyrocketed this year, with programs such as ChatGPT (which now boasts over 100 million users) piquing mainstream interest. Brands that had shrugged off the chatbot as an ephemeral trend are already rethinking their position, as they realize its role in maintaining cultural relevance. But scaling up on AI isn’t a one-size-fits-all solution. Consumers are becoming savvier than ever thanks to an uptick in accessibility, meaning they’re now shrewd enough to distinguish a poorly-executed strategy from a great one. For brands, it’s about going beyond the buzz and tapping into what makes target audiences tick, while keeping the consumer experience — and the business' core values — at the heart of the process.

Kering Taps The Power Of AI, NFTs With New Tech-First Fashion Marketplace

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Published April 11, 2023

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Kering Taps The Power Of AI, NFTs With New Tech-First Fashion Marketplace