Why fashion brands enter the metaverse: Exploring the motivations of fast fashion and luxury fashion brands

Why do fashion brands enter the metaverse when the benefits of using this virtual reality space are not yet clear to the industry? What motivates them to venture into the complex world of digital platforms and ecosystems? Do luxury and fast fashion companies share the same motivations for entering the metaverse? These research questions guide the study which seeks to understand the motivational factors driving fashion brands to establish a presence in the metaverse. To achieve our research objective, we employ qualitative research methods and follow a grounded theory approach. Through a content analysis of publicly available website publications containing insights from fashion industry leaders, we identify commonalities and distinctions in the motivational factors leading luxury and fast fashion brands into the metaverse. The study contributes to the theoretical comprehension of the metaverse as a new strategic platform for the fashion industry and highlights practical implications intended to assist industry managers contemplating entry into this virtual reality space.