Luxury fashion game DREST continues momentum securing £15m funding
DREST, the fashion and beauty metaverse game that works in partnership with luxury brands, has raised £15M of funding to continue developing its new product, DREST 2.0.
Since its launch in 2019, DREST has recorded 250% year-on-year user growth and raised £30 million. It currently works directly with over 260 brands including Breitling, Cartier, Christian Louboutin, Fendi, Gucci, Prada and Valentino.
The new funding will allow DREST to build on its momentum, after reporting revenues of £72.5 million ($92.2 million) in 2022. This figure accounts for 50% of the £145.1 million ($184.4 million) global gaming industry revenues. According to NewZoo, the global gaming market will be worth a wapping £174 billion ($221 billion) by 2025, with DREST's help.
The game blends the worlds of luxury fashion, beauty and lifestyle all in the realm of the metaverse, offering players the chance to showcase their style on hyper-realistic avatars. The game features a digital fashion assortment provided by Farfetch as well as brands directly, allowing players to easily discover and shop the latest collections.
What's more, it combines gamification with brand marketing and partnership opportunities, enabling its stakeholders to access and interact with new and highly-engaged audiences.
The investment round was agreed with Co-Founder and Co-Chair Graham Edwards' family office along with fellow Founder and Co-Chair Lucy Yeomans, previously Global Content Director for NET-A-PORTER and Editor-in-Chief of Harper’s Bazaar UK.
Lisa Bridgett, CEO at DREST, commented: "We are thrilled to have secured investment to help us scale DREST, especially in such a tough market. This is testament to the strength of our product delivery and pipeline of ideas.
"We are now ready to take the business to the next level, and offer a new one-of-a-kind experience to our users while maintaining the core elements of the game. There is an undeniable interest in gaming from the luxury fashion and lifestyle industries and we are very well-positioned to cater to this increasing demand. We very much look forward to the next chapter."
