Mystery boxes could be the next big trend in luxury. Mystery surprise products have been trending in the toy industry for years, and as more brands replicate the concept, Western Europe-based luxury brands want in. LVMH is eyeing mystery boxes to appeal to Gen Z (Gen Z and Millennials are expected to make up 60% of the industry by 2026) and recently invested in Heat, a U.K.-based mystery box startup. Heat currently has boxes that come at two price points—£299 ($399) and £500—and contain products worth up to £550 and £950, respectively. Italian streetwear brand GCDS is also hopping on the trend: during last year’s Black Friday sales the brand sold a series of themed mystery boxes. Milan-based Sunnei released a similar offer with packages containing a mix of ready-to-wear pieces. Heat is focusing on collabs with brands that appeal to young consumers, including deals with Selfridges, Harrods, and Browns it recently struck by buying up unsold inventory before markdown periods. YPulse’s WE luxury research shows young consumers want the industry to become more accessible, and mystery boxes offer them a more affordable entry by introducing them to high-quality, curated wears at a lower price. (BoF)
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