Skechers enters the metaverse with Decentraland investment

By

Jennifer Braun

Published
Mar 11, 2022

Skechers announced on Thursday that it is entering the metaverse via a new lease in the Fashion District of Decentraland. 

As part of its entry, it has also filed trademark applications throughout the world to sell virtual goods such as footwear and apparel, signalling a new growth opportunity in the metaverse. 

“Our Decentraland agreement is an investment in our future,” said Michael Greenberg, president of Skechers. “We look forward to embarking on this virtual era, and exploring creative ways for our brand to engage with new customers and audiences as we launch the new Skechers experience.”

Skechers is one of many fashion brands who has entered the metaverse in recent months such as Philipp Plein who recently forked out the equivalent of €1.2 million to buy a huge tract of virtual real estate in the Decentraland metaverse. Other brands to enter the metaverse varies from Gucci and Nike to beauty giant L’oréal. 

The Manhattan Beach, California-based company surpassed $6.29 billion in 2021 revenues, and plans to reach $10 billion in annual sales by 2026.