Mystery Box Brand HEAT Recieves $5M USD Antler/LVMH Investment
Expect “gamification, AI-driven personalization, and interactive drops.”
Joe Wilkinson and Mario Maher’s London-based brand HEAT is about to transcend the typical realms of mystery box drops, as it has announced that it has received a $5M USD investment from the venture capital firm Antler and LVMH Luxury Ventures.
Wilkinson — who is the CEO of HEAT — told HYPEBEAST that the investment will allow the company to elevate, saying “HEAT has created a shopping platform for a digital generation, and we are positioned to make an impact in this space.” He added, “HEAT is here to disrupt the traditional approach to luxury fashion.” In short, this could mean anything from “implementing gamification [much like the recent news from Gap], AI-driven personalization, and interactive drops, all whilst driving sustainability,” according to Wilkinson.
HEAT offers two mystery boxes: one priced at £299 GBP (approx. $410 USD) and another at £500 GBP (approx. $687 USD), with both offering over £500 GBP and £850 GBP (approx. $1,167 USD) worth of products respectively. In the past, HEAT has teamed up with Haider Ackerman for a limited-edition box, and has also offered up a $440 USD YEEZY-filled box, however today, the brand works directly with Off-White™ and Casablanca, while also offering boxes filled with goods from LOEWE, Balenciaga, and more.
Speaking on the investment, Julie Bercovy, Founder and Head of LVMH Luxury Ventures, said, “LVMH Luxury Ventures is very pleased to support Joe and the team on their journey. With its mystery boxes, Heat is successfully pioneering a unique and virtuous model reconciling desirability, circularity and price accessibility. We are very impressed by the ability of Joe and the team to build such a robust and wide fan base in a short timeframe. The loyalty and enthusiasm of the HEAT community demonstrates the relevance of this approach and the desirability of HEAT’s curation.”
HEAT’s mystery boxes come in drops, and the next one is expected soon. Stay tuned to the company’s Instagram account for more information.
In other news, Off-White™ has dropped a timely Lunar New Year capsule collection.
