LVMH Invests in Generative AI With Innovation Award

LVMH Invests in Generative AI With Innovation Award

The LVMH 2024 Innovation Award has been awarded to FancyTech, a Chinese startup specializing in generative artificial intelligence for creating videos from 3D product models and creative briefs. Bernard Arnault, chairman and CEO of LVMH, praised the award recipient, stating, “This prize once again honours a startup that puts technological developments at the service of excellence.”

FancyTech collaborates with various LVMH brands such as Hublot, Givenchy, and Bulgari, as well as other luxury brands like Chopard, to produce digital assets for use in e-commerce and marketing. Morgan Mao, co-founder of FancyTech, emphasized the effectiveness of their platform to “increase conversion and drive attention.”

The use of generative AI by luxury brands is seen as a way to expedite the creation of marketing materials and product showcases. Franck Le Moal, LVMH’s information and technology director, mentioned the group’s investment in 3D asset production as part of its strategy to enhance immersive consumer experiences.

During the Viva Tech event, FancyTech demonstrated its capabilities, including a project for Hublot where it produced 80 videos for the brand’s online store on Tmall, a task that Mao described would be “almost impossible using the traditional way.”

Starting in September, FancyTech will join La Maison des Startups LVMH, a business accelerator program at Paris incubator Station F, for a year. Mao views this as an opportunity to foster further collaborations with various brands.

Additionally, LVMH awarded another prize for the most compelling use of data and AI to Blng, an LA-based firm that transforms physical sketches into digital visualizations, including a recent project for Tiffany that featured a digitally generated hand customizable down to skin color and nail shape.

This year, the LVMH Innovation Prize attracted 1,545 startup entries from 89 countries, showcasing a diverse range of technologies aimed at transforming the luxury and fashion industries.