Metaverse News

FTX Moves Into Luxury Fashion Industry With New Hire

Crypto exchange FTX has appointed beauty entrepreneur Lauren Remington Platt as its head of global luxury partnerships, a newly-created position. Platt is the founder of Vensette, an on-demand beauty company where she established partnerships with brands like Michael Kors, Vogue, and Saks 5th Avenue to bring pre-vetted makeup and hair experiences to professionals. 

“We are thrilled to have Lauren join FTX and lead our next marketing foray into luxury partnerships,” said Sam Bankman-Fried, CEO of FTX. “Her wealth of experience in the fashion and luxury space will be essential for the next phase of growth of our team’s partnership and branding focus.”

In the coming months, Platt will bring crypto into the fashion and luxury industries through partnerships within overlapping areas including, but not limited to, payments, luxury goods authentication, and digital art.

With Platt, FTX plans to capitalize on a $300 billion luxury goods market, which is estimated to grow by almost $34 billion by 2025. Fashion and beauty brands have been increasingly getting into the crypto space as the pandemic has forced people out of brick-and-mortar stores and into online and digital experiences. In February alone, many brands filed for metaverse-related trademarks, including Victoria’s Secret, Urban Decay, L’Oreal, Kiehl’s, Pink, and Dermablend. 

(All information was provided by The Block)

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