Welcome back to Now Runway, where we report from the front lines of the digital fashion and luxury revolution. Today you will find us in Paris, where we hosted an intimate breakfast celebrating digital fashion and luxury in the lush garden of Hotel La Fantaisie. After opening their doors only a few weeks ago, we were their first private event, and persistent guests were given an insider’s tour after breakfast.
Read on to see what you’ve been missing outside of Paris and in the digital space, including a new sneaker release from Cougar And rock nation, snapchat upgrading the clothes of their digital avatars and the Korean fashion brand Musica raising $190 million.
Puma and Roc Nation sneaker release
Sportswear giant Puma and entertainment company Roc Nation – founded by iconic rapper Jay-Z as successor to his famed hip-hop label Roc-A-Fella Records – have collaborated on a new sneaker range that pays tribute to the progression of the mixtape and incorporates NFTs.
The RS-XL Mixtape sneaker series is the brainchild of designers Alexander-John and Emory Jones. The digital component is led by Legitimate, an innovative startup that combines physical merchandise with digital experiences through its unique “LGT Tag” technology.
The range showcases three different sneaker designs, each inspired by different stages of the mixtape evolution and aptly named Cassette Tape, Disc and Playlist. Each pair of sneakers hides a unique LGT tag, backed by blockchain, under the tongue of the left shoe.
This NFC (Near Field Communication) chip can be scanned with a smartphone to reveal exclusive digital content. Each NFC chip is also linked to an NFT minted by Legitimate using the Avalanche blockchain. The NFT-associated LGT tags can validate physical items, including footwear and other clothing.
Buyers also get access to weekly mixtape releases, a 14-track playlist featuring new music from emerging Roc Nation artists, and “unlimited behind-the-scenes access to life as a Roc Nation artist.” The label currently represents notable artists such as DJ Khaled, Alicia Keys, Fever 333 and Rihanna. In addition, owners will have access to a new documentary about the history of hip-hop. Puma noted that this release ties in with this year’s wider celebration of hip-hop’s 50-year history.
The Mixtape range of sneakers can be purchased online or in-store at Puma, Foot Locker and Champs North American outlets, priced at $130 per pair.
In a press release, Legitimate Founder and CEO Calvin Chan shared, “This partnership marks the first time in history that brands of this caliber are leveraging next-generation technology to do more than just sell a product. Together we help tell a story, raise the voices of creators and celebrate a movement that has captivated the world for half a century.”
Bitmoji avatars from Snapchat
Snapchat has announced a new avatar style that takes the Bitmoji to a more immersive 3D level, which will be released worldwide in the coming weeks. This refreshed avatar style enhances features such as hair texture, face shadow, and body measurements. Your Bitmoji can now display a more vibrant smile, a more surprised expression when surprised, and convey even the most complex emotions.
In addition, Snapchat is improving the way you interact with your Bitmoji by introducing advanced operations that allow you to customize your avatar in a 3D space, using zoom and rotation features for a more detailed view. The process of turning real clothes into Bitmoji clothes requires meticulous attention to detail, right down to the last stitch.
With the introduction of the new avatar, digital clothing will look much more lifelike, allowing you to express your personal fashion sense on Snapchat as authentically as you would in the physical world. Bitmoji provides a unique way for people to interact online using an animated, creative storytelling format, and the transition to 3D allows for the creation of the most customizable avatar yet, better reflecting our diverse global community.
K-fashion platform Musina raises $190 million
South Korean online fashion platform Musinsa and global investment giant KKR have officially announced a $190 million Series C funding round. Founded in 2001 as an online sneaker community, Musinsa has grown into a prominent online fashion marketplace in South Korea, featuring over 8,000 local and foreign designer brands, along with its own in-house label (Musinsa Standard). This positions Musinsa at the heart of South Korea’s fashion creative economy.
Over time, Musinsa has broadened its scope to include an all-encompassing ecosystem that includes communities, a brand incubator (Musinsa Partners), a direct-to-consumer brand operator, and an offline multicultural lounge (Musinsa Terrace). The latter facilitates face-to-face interactions with customers and provides online fashion brands with a physical space for pop-up stores. In 2023, Musinsa received recognition from Fast company as one of the “10 Most Innovative Asia-Pacific Companies of 2023” for its role in “the globalization of K-fashion”.
This deal represents KKR’s inaugural investment in technology growth in Korea, in line with its Asia Next Generation Technology (“NGT”) strategy. This approach is designed to support the expansion of pioneering, disruptive companies in the Asia-Pacific region in key sectors such as software, consumer technology and FinTech.
Mukul Chawla, Partner and Head of Growth Equity, Asia Pacific for KKR, shared in a press release, “Musinsa has established itself as a top consumer internet platform in Korea and a differentiated marketplace through its ability to scale emerging brands, enable the creator economy for fashion, engage customers and provide a high-quality e-commerce experience. We see tremendous opportunities for MUSINSA to build on its leadership position in a fast-growing K-fashion market that continues to shift online and expand globally thanks to K-culture’s explosive reach.”