Condé Nast Launches Vette: A New E-Commerce Platform for Influencers

In a significant move to tap into the burgeoning creator economy, Condé Nast announced the launch of Vette, a platform designed to empower influencers by providing them with independent e-commerce storefronts. This initiative marks the publisher’s most ambitious effort to date to capture a share of the rapidly expanding market driven by social media influencers and content creators.

What is Vette?

Vette will enable creators to curate their own online shops, featuring products of their choice, which they can promote across various social media channels. Unlike traditional affiliate marketing, where influencers earn a commission by directing traffic to a brand’s website, Vette will facilitate the entire transaction process. Brands will handle order fulfillment, allowing influencers to focus on content creation rather than logistics. The platform is set to launch in early 2024.

The Shift Towards E-Commerce

Condé Nast’s foray into e-commerce is not entirely new; the company has been progressively investing in commerce content as a means to offset declining print advertising revenues. According to Lisa Aiken, the executive fashion director at Vogue and senior vice president of commerce overseeing Vette, the positive reception of personalized content, such as editor’s picks, has inspired this new venture. Over the past five years, the company’s commerce revenue has reportedly tripled, although specific figures have not been disclosed.

“People shop from people,” Aiken stated, emphasizing the influence of personal connections in the shopping experience. This sentiment reflects a broader trend in retail, where consumers increasingly prefer to purchase products recommended by trusted figures rather than faceless brands.

Navigating Uncharted Waters

While Condé Nast has seen some success in commerce content, launching a dedicated e-commerce platform is a relatively untested endeavor for the company. Past attempts, such as the 2016 initiative to transform Style.com into a shopping site, were short-lived, lasting less than a year. This history of challenges raises questions about the viability of Vette in a competitive landscape.

Competitive Landscape

Vette enters a crowded market, facing established players like Mytheresa and Net-a-Porter, as well as platforms specifically designed for influencer monetization, such as LTK and ShopMy. LTK, which has been operational since 2011, has long dominated the affiliate marketing space, while ShopMy has gained traction in recent years with features that enhance product discovery and data transparency.

Condé Nast aims to differentiate Vette by offering a marketplace model that eliminates the need for consumers to navigate to a brand’s website to complete a purchase. Aiken believes this streamlined approach will provide creators with valuable insights into their followers’ shopping behaviors and demographics, enhancing their ability to tailor content and offerings.

A New Paradigm for Influencer Marketing

Aiken, who has extensive experience in e-commerce through her previous roles at Net-a-Porter and Mytheresa, envisions Vette as not just a tool for creators but also a potential alternative to traditional wholesale models. Influencers will be able to link products directly from brands on their Vette storefronts, bypassing third-party retailers. This direct relationship allows brands to maintain control over pricing and fulfillment, reducing the risk of missed payments and other complications associated with retail partnerships.

“Shopping should feel personal,” Aiken remarked, drawing a parallel between the in-store experience, where knowledgeable sales associates guide customers, and the potential for creators to offer a similar level of engagement online.

Influencers as Strategic Partners

The backing of a reputable company like Condé Nast is expected to give Vette a competitive edge. The platform plans to start with a select group of creators, although specific names have yet to be disclosed. Aiken hinted that contributors to the Vogue app could be among the initial participants. This strategy aligns with a growing trend where influencers seek validation from established media outlets to enhance their credibility in a saturated market.

In contrast, competitors like LTK and ShopMy are exploring different avenues to attract talent. LTK has recently enhanced its app’s social features, encouraging creators to engage with their audiences similarly to platforms like Instagram and TikTok. ShopMy is expanding its retail services, including influencer-curated storefronts and community features that allow shoppers to follow groups of creators.

Branding and Future Directions

Interestingly, Vette will operate under its own branding, separate from the Vogue name, and its storefronts will not initially be featured on Condé Nast’s existing websites. However, Aiken has indicated that the platform is open to evolution based on audience feedback. “The beauty of growing a startup business within such an established organization is that you have the opportunity to take this in different directions,” she noted.

Conclusion

As Condé Nast prepares to launch Vette, the platform represents a significant step into the evolving landscape of influencer marketing and e-commerce. By providing creators with the tools to establish their own storefronts, the company aims to redefine the shopping experience, making it more personal and engaging. While challenges lie ahead, particularly in a competitive market, Vette’s unique approach could position Condé Nast as a formidable player in the creator economy. As the platform gears up for its debut, the industry will be watching closely to see how it navigates the complexities of e-commerce and influencer partnerships.