Some thinkers believe that the buzz 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, LMMH-owned luxury luggage brand Rimowa unveiled a new tie-up with Nike-owned digital fashion startup Rtfkt. And last week, Farfetch announced the eight startups selected for its accelerator, which is designed to help scale the luxury fashion industry through Web3 and Metaverse technologies.
L’Oreal remains committed to Web 3. Several brands in the stable, including YSL Beauty, Lancôme, Mugler, Armani Beauty and Nix Professional Makeup, have also introduced Web3 startups. “If you look at Web2, live streaming, image recognition, voice, cloud – it’s all very active,” says Dubey. “It’s a very filling digital space. Social business is expanding for us. There is a strong foundation for Web2 deployment. And we’re excited about Web3 and Metavas. We are moving from O+O (online + offline), to O+O+O (online + offline + on-chain).”
This summer, the French beauty group appointed Camille Crelin to the newly created role of Chief Metaverse and Web3 Officer. Part of it is to look at how to get into the position with responsibility. “The number one beauty is our role as one to make sure we live up to our commitments and our core values,” Crilly said, noting that Nix chose the Ethereum blockchain, for example, because it uses less energy than some alternatives.
He also hopes to expand existing technologies into this new space. In the year In 2018, L’Oréal acquired AR beauty company Modiface. In the year In 2021, L’Oréal and Meta (then Facebook) announced a platform integration that used Modiface to bring AR-powered makeup experiments to Instagram. “We are confident that the acquisition of Modiface will be a competitive advantage as we enter Web3 and Metavas,” Croeli says.
“AR beauty and makeup is growing every day. More and more consumers are using it,” Dube added.
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