The reports have taken a new twist as H&M has denied setting stores in the metaverse.
Hennes & Mauritz (H&M) (STO: HM-B), a Swedish multinational clothing company, was reported to have joined major brands like Adidas AG (ETR: ADS) and Nike Inc (NYSE: NKE) to make a step into the Metaverse world. According to multiple reports published on Monday, H&M sought to provide buying experience to its customers exploring the Virtual Reality (VR) space, CEEK City.
CEEK City is a virtual reality metaverse that connects players with music artists, athletes, and other digital content creators. CEEK City has also been designed to have interesting VR experiences including theater, sports complex, concert arena, hangout lounge, etc. CEEK Token is used by end-users to vote for content, control programming, make purchases, etc. The report started making waves after CEEK tweeted a video featuring H&M stores. The stores contained some clothing selections with discounts right at the entry. It had an up to 20% discount and a “buy one get 1 free” promotion.
CEEK City, which offers a three-dimensional musical experience was reported to have given H&M fans the experience to choose and purchase from the metaverse, and claim them from a physical store. It also had digital-only clothes for players’ avatars.
Interestingly, the reports have taken a new twist as H&M has denied setting stores in the metaverse.
H&M Debunks Metaverse Rumors
According to Bitcoin.com, a spokesperson for the clothing brand responded to its request for comment, debunking the trending news.
“We’d like to confirm that H&M is not opening a store in Metaverse at this time,” they said.
Also, the official account of CEEK has clarified that the video that featured the clothing company was just a concept. CEEK founder and CEO Mary Spio has also debunked all information concerning a partnership with them. However, she admitted that it was a concept presented to them last year. According to her, they are still in discussion and that is what the video portrays.
“The H&M store in the Ceek metaverse was just a concept that was presented to H&M and not an actual virtual store yet. We are in discussions with people at H&M to make this a reality, but this is not something that’s a reality as of now, “she said. “I believe that this misinformation is probably put out there to spread FUD,” she said.
H&M currently has 53 online markets and stores in 73 markets. Also, it had 4358 stores worldwide as of 30 September 2021 with its largest market in France, Germany, the US, the UK, the Netherlands, Russia, and Sweden.
The Metaverse world has been linked to several companies with various brands expected to launch their services to customers exploring it.
Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.
