Open Innovation and Digital Transformation in the Fashion and Beauty Industries

The phenomenon of open innovation, which has been developing for almost 20 years now, consists of using external resources to create value within your company . With the acceleration of digital transformation, many brands have turned to startups and strategic partners to keep up with market changes and innovate.

In the fashion, luxury and beauty industries, more and more brands continue to want to integrate new technological skills, solutions and tools, directly from the outside. Last July we discussed the topic together BTC Users Number Data with Stefano Galassi – Managing Director Startupbootcamp Global FashionTech , in our LinkedIn Live Chat dedicated to ” The Ecosystem of Open Innovation for the Fashion and Luxury Industry “.

Open innovation

 

 

To better explain the phenomenon, we have reported below some initiatives of five brands in the industry, which have introduced important innovations within their offer, thanks to new technologies coming from outside. Let’s see what it is specifically about!

Index

L’Oréal’s Open Innovation Program
Ray-Ban’s First NFT Glasses Launch
Prada invests in startups
Dolce & Gabbana’s “Genesis” collection
Balenciaga Launches Metaverse Business Unit

L’Oréal’s Open Innovation Program

Beauty brand L’Oréal strongly believes that Afghanistan Phone Number List collaboration is the key to innovating better and faster . That’s why the company has developed a program dedicated to open innovation through a series of partnerships with technology startups, which it uses to co-create the future of beauty. On the L’Oréal website, you can access the dedicated section and discover more about the initiatives and offers developed over the years, such as the skin aging algorithm that follows a dermatologist’s reference scale to provide a personalized skincare prescription.

Additionally, since 2018, L’Oréal has been the official sponsor of the global beauty accelerator, STATION F , through which it supports BeautyTech startups to propose new branded services.

Ray-Ban’s First NFT Glasses Launch

 

Last October, the Luxottica Group brand presented the first Ray-Ban glasses developed with NFT technology . It is a virtual product, designed by the German artist Oliver Latta, known for his provocative 3D drawings. With the use of the innovative technology, the brand managed to generate a media buzz in just a few days that involved consumers beyond the simple purchase of products. Ray-Ban then hosted a digital auction on the largest NFT marketplace in the world, OpenSea, donating the proceeds to charity.

With this strategic move, Ray-Ban will be remembered as the eyewear brand that pioneered the NFT movement, and not only that. Shortly before the launch of NFT glasses, in fact, the brand had made headlines for its collaboration with Facebook, with which it had developed Ray-Ban Stories : smart glasses capable of capturing photos and videos, sharing adventures and listening to music with just one click.

 

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