Some naysayers believe the hype around NFTs and all things Web3 is fading following the crypto crash earlier this year. However, fashion, luxury and beauty brands continue to invest in new projects. In the latest move, on Monday, LVMH-owned luxury luggage brand Rimowa unveiled a new tie-up with Nike-owned digital fashion startup Rtfkt. And last week, Farfetch unveiled the eight startups selected for its own accelerator, designed to help the luxury fashion industry scale in Web3 and metaverse technologies.
L’Oréal also remains committed to Web3. Several brands in its stable, including YSL Beauty, Lancôme, Mugler, Armani Beauty and Nyx Professional Makeup have introduced a flurry of Web3 initiatives. “If you look at Web2, live streaming, image recognition, voice, cloud — all of that is very vibrant,” says Dubey. “It’s a very charged digital space. Social commerce is booming for us. There is a strong base for Web2 deployment. And we are very excited about Web3 and the metaverse. We are moving from O+O (online + offline), to O+O+O (online + offline + on chain).”
This summer, the French beauty conglomerate appointed Camille Kroely to the newly created role of chief metaverse and Web3 officer. Part of her remit is to look at how to enter the space responsibly. “It’s our role as the number one in beauty to make sure that we stay true to our commitments and core values,” says Kroely, noting for example that Nyx chose the Ethereum blockchain because it uses less energy than some alternatives.
It also hopes to extend its existing technologies into this new space. In 2018, L’Oréal acquired AR beauty company Modiface. In 2021, L’Oréal and Meta (then Facebook) announced a platform integration that used Modiface to bring AR-powered makeup try-ons to Instagram. “We are convinced that the acquisition of Modiface is a competitive advantage when we enter Web3 and the metaverse,” says Kroely.
“AR beauty and makeup is growing everyday. More and more consumers are using it,” Dubey adds.
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