Chalhoub Group, a major player in the luxury retail sector, has invested in Boltable Studio, a Roblox design studio, signaling its commitment to embracing innovative avenues in virtual retail and strengthening its presence in the metaverse.
The move follows Chalhoub Group’s foray into the metaverse and Web3 technologies in 2022 with the launch of exclusive NFTs for its French luxury silverware brand, Christofle, which sold out within minutes.
Building on this success, the Group introduced phygital sneakers for Level Shoes‘ 10th anniversary celebration. In 2023, Chalhoub Group further solidified its presence in the digital sector with the launch of SOL3MATES, the first-ever web3-native streetwear label.
With the investment in Boltable Studio, Chalhoub Group aims to integrate web3 and virtual retail into its business model to adapt to future market dynamics while minimizing resource risks. This move shows the Group’s commitment to shaping the future of virtual shopping.
Prior to the investment, Chalhoub Group collaborated with Boltable Studio on a virtual Roblox collection for Christofle, which saw fifteen virtual items created by Boltable Studio sell over 120,000 times on the platform in 2023, showcasing Roblox’s potential as a virtual retail destination.
The partnership between Chalhoub Group and Boltable Studio signifies a convergence of traditional luxury and digital innovation. Boltable Studio’s expertise in translating luxury brands into the digital space resonates with a new generation of consumers, exemplified by their successful in-game brand, Prince Clothing.
Nick Vinckier, Director of Corporate Innovation at Chalhoub Group, commented on the investment, stating, “Our partnership with Boltable Studio reflects our commitment to understanding and leveraging the metaverse and platforms like Roblox. These digital spaces serve as the community centers and shopping destinations of the future, where we can connect with the customers of tomorrow, today.”
Zain Tambe, founder and CEO of Boltable Studio, expressed excitement about the partnership, noting, “Partnering with Chalhoub Group is a game-changer for Boltable Studio. This fusion of Chalhoub Group’s luxury expertise with our innovative approach in Roblox sets a new standard in virtual retail, redefining luxury for a digitally-savvy audience.”
With its headquarters in Abu Dhabi, Boltable Studio has been in the Roblox world since 2016. Their in-house brand, Prince Clothing, has sold over 30 million virtual items, showcasing their understanding for the virtual retail landscape.