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Benoit Pagotto: Fashion Brands Are Getting Community Building Wrong | The Business of Fashion

At the BoF Professional Summit, RTFKT’s co-founder explained why he agreed to sell to Nike in 2021, and unpacked how brands can leverage web3 and associated technologies to grow their communities. “A lot of brands are getting it wrong — they need to stop thinking about their business and ask instead: ‘what can I do for my community?’” said Benoit Pagotto, co-founder of virtual fashion start-up RTFKT Studios. Pagotto added that fashion brands need to invest in incentivising individuals to build an engaged community in the long run. Giving people access to digital assets or tokens such as NFTs, which can increase in value over time, helps customers feel they are contributing to a brand’s growth story, he explained, but adding that brands also need a new mindset. “The word ‘consumer’ is over,” he said, noting how the democratising nature of the web3. “has shifted power to the individual, and now brands’ communities will define their value.” Subscribe to BoF’s YouTube channel to never miss a video. Look out for more BoF Professional Summit videos coming soon. CONNECT WITH THE BUSINESS OF FASHION: Web: https://www.businessoffashion.com Twitter:   / bof   Facebook:   / businessoffa.  . Instagram:   / bof   LinkedIn:   / the-.  . Pinterest: https://www.pinterest.co.uk/fashionbu... Newsletter: https://www.businessoffashion.com/new... ABOUT THE BUSINESS OF FASHION: The Business of Fashion is a next-generation fashion media company conceived for today’s global and hyper-connected world. Founded in 2007 by Imran Amed, BoF is known for its authoritative, agenda-setting point of view on the global fashion industry, and is an indispensable resource for fashion executives, creatives, students, and entrepreneurs in over 200 countries. It has been described as “The Economist of Fashion,” “A Daily Destination for Fashion’s Power Players”, and “The Industry Bible”, www.businessoffashion.com