Balenciaga, the high-profile luxury brand owned by Kering, has announced that it is leaving Twitter following the recent sale of the platform to Elon Musk, the world’s richest man. While Balenciaga has not provided a specific reason for its departure, the move reflects a growing trend of users abandoning the platform in recent months. However, Balenciaga is the first major fashion brand to take this step.
Earlier this year, Elon Musk made headlines when he made a bid to acquire Twitter. After some initial hesitation, Musk completed the purchase of the platform in October for an astounding $44 billion. Since then, significant changes have unfolded, including job cuts and the removal of much of the management team. However, it is Musk’s stance on free speech that has caused concerns among users.
Many fear that under Musk’s leadership, Twitter will be less diligent in combating hate speech. As a result, several major advertisers have paused their campaigns on the platform to avoid associating their brands with hate speech, extremist content, or fake news. Companies like Chipotle, United Airlines, Pfizer, Audi, and General Motors have all taken a hiatus from Twitter advertising.
Another striking change on Twitter is the alteration of the blue tick verification system. Previously, the blue tick symbol indicated the authenticity of prominent accounts, such as politicians, celebrities, and selected businesses. However, it is now a paid feature, with users required to pay $7.99 per month to join the verified ranks. This modification has led to the rise of fake accounts impersonating well-known individuals and spreading misinformation. Consequently, the blue tick system has been suspended and replaced with a gray label reserved for “government accounts, commercial companies, business partners, major media outlets, publishers, and some public figures.”
Twitter is currently in a state of upheaval, and Musk has reportedly warned that bankruptcy could be a possibility if the platform does not turn a profit. Considering these recent developments, Balenciaga’s decision to leave Twitter is unsurprising. It is highly probable that other prominent fashion brands will follow suit.
In conclusion, Balenciaga’s departure from Twitter signifies a significant shift in the relationship between the fashion industry and social media platforms. As concerns surrounding free speech, hate speech, and disinformation continue to escalate, brands have to carefully evaluate their online presence and select the platforms they engage with. Balenciaga’s exit from Twitter may mark the beginning of a larger movement among luxury fashion brands, as they gravitate towards more controlled and curated digital spaces.
Useful links:
1. Business of Fashion
2. Vogue
