- FTX has appointed beauty entrepreneur Lauren Remington Platt in its foray into the fashion and luxury industries.
- Platt will be in charge of bringing crypto into these industries.
- The luxury goods market is valued at $300 billion and is estimated to grow by $34 billion by 2025.
Crypto exchange FTX has appointed beauty entrepreneur Lauren Remington Platt as its Head of Global Luxury Partnerships. Platt will bring crypto into the fashion and luxury industries through partnerships. These include payments, luxury good authentication, and digital art.
FTX CEO Sam Bankman-Fried said in a statement:
We are thrilled to have Lauren join FTX and lead our next marketing foray into luxury partnerships. 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.
Platt will report to FTX’s Head of Environmental and Social Initiatives Gisele Bündchen.
FTX plans to capitalize on the $300 billion worth luxury goods market, which is estimated to grow by $34 billion by 2025. Beauty and fashion brands have started making their way into the crypto space, especially with the pandemic pushing online and digital experiences.
In February, fashion and beauty brands filed for metaverse-related trademarks. The brands include Urban Decal, L’Oreal, Kiehl’s, Pink, Victoria’s Secret, and Dermablend.
FTX’s hiring of Platt represents yet another expansion initiative for the company. Just earlier this week, FTX announced a gaming division in FTX Gaming. It announced its “crypto-as-a-service” platform where game publishers will be able to launch tokens and support NFTs.
Previously, FTX also ventured into GameFi through a $100 million blockchain gaming fund alongside Solana Ventures and Lightspeed Venture partners.
Additionally, FTX tweeted on Feb 25 that it will give $25 to each Ukrainian user on its platform in support amid the current crisis.
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