This investment emphasizes Chalhoub Group's commitment to exploring innovative virtual retail avenues and strengthening its presence in the metaverse.In 2022, Chalhoub Group initiated its journey into the metaverse and Web3 by launching a collection of 529 exclusive NFTs for its French luxury silverware brand, Christofle. These NFTs sold out within 5 minutes. Following this success, the Group introduced phygital sneakers for Level Shoes’ 10th anniversary celebration. In 2023, Chalhoub Group continued its pioneering efforts by unveiling the first-ever web3-native streetwear label SOL3MATES. .Expanding upon the successful exploration of the Metaverse, Chalhoub Group's investment in Boltable Studio is a key element of a holistic strategy to integrate web3 and virtual retail into its business model. This strategic move positions the Group to navigate future market changes effectively while mitigating resource risks. Furthermore, it represents a significant stride toward the future of virtual Shopping. Prior to their partnership, Chalhoub Group & Boltable Studio collaborated on the virtual Roblox collection for Christofle. In 2023, fifteen virtual items, created by Boltable Studio, sold over 120,000 times on Roblox, highlighting the platform’s significant potential.The partnership with Christofle is a testament to Boltable's ability to translate traditional luxury into the digital space, resonating with a new generation of consumers. Chalhoub Group has additional partnerships in progress to introduce (luxury) brands to Roblox.Nick Vinckier, Director of Corporate Innovation at Chalhoub Group, commented: “Our investment in Boltable Studio is a strategic step towards understanding and leveraging the metaverse and platforms like Roblox. These digital spaces are not just gaming platforms; they are the community centers and shopping destinations of the future, where we can connect with the customers of tomorrow, today. Partnering with a leader like Boltable Studio, renowned for their Roblox expertise and successful in-game brand Prince Clothing, aligns perfectly with our vision to be at the forefront of retail innovation.”Zain Tambe, founder and CEO of Boltable Studio added: "Partnering with Chalhoub Group is a game-changer for Boltable Studio. Our years of experience in Roblox position us uniquely to bring luxury retail into this vibrant digital world. This partnership is more than an investment; it's a fusion of Chalhoub Group's luxury expertise with our innovative approach in Roblox, setting a new standard in virtual retail. Together, we're not just entering the Roblox ecosystem; we're redefining luxury retail for a new, digitally-savvy audience,"Based in Abu Dhabi, Boltable Studio has been a trailblazer in the Roblox world since 2016. Their in-house brand, Prince Clothing, has sold over 30 million virtual items, demonstrating their profound understanding and success in this domain.