Background: Due to the increased interest and associated hype that has formed around the term "Metaverse" in recent years, brand investments have been made by luxury fashion brands, in particular, to gain a first-mover advantage in this virtual space. The uncertainty about the Metaverse and its potential future contribution to corporate marketing activities raises the question of how promising the presence of luxury fashion brands is in the Metaverse.

Purpose: Previous studies and scholars have focused primarily on consumer attitudes and intentions rather than recommended actions for luxury companies in the Metaverse. However, this is necessary for luxury brands to successfully operate in the Metaverse on behalf of their consumers and thus reap benefits such as increasing brand equity.

Method: A qualitative research design was adopted to fulfill this exploratory study's research purpose. The empirical data was collected through 14 expert interviews over three weeks. The data were evaluated, analyzed using thematic analysis, and interpreted inductively.

Conclusion: The results of the study show, first, that the Metaverse does not yet exist. There are protoverses that are the precursor to what users can build their digital identity on. Although all the building blocks needed to build the Metaverse exist, they are not yet used consistently across all platforms, making the realization of the Metaverse not yet possible. Second, early investments by luxury fashion brands generate potentials in the Metaverse, such as new monetization opportunities, innovative positioning, direct customer communication, reaching new audiences, market expansion, and portfolio diversification. Third, the study shows that it is crucial for brand equity enhancement to create a clear brand identity through recognition value and differential aspects. In addition, communicating the brand meaning through imitating the value proposition and corporate identity, as well as through immersive experiences, plays an important role. Furthermore, a positive brand perception must be created through conspicuous factors such as virtual events or NFT collaborations, and a relationship with the target group must be established through interaction with loyalty programs or gamification in the Metaverse.