First Investment Made in Leading Luxury Fashion Technology Firm AEON Executive Board and Management Team to be Paid in Cryptocurrency
- Investment , Cryptocurrencies
- 22.04.2021 12:35 pm
NFT Investments, a company specializing in the identification, acquisition, investment, and development of non-fungible tokens ("NFTs"), is pleased to announce it has made its maiden investment by acquiring a stake in AEON International, a leading developer of cutting-edge technology for the luxury fashion industry.
The Company has invested US$1,000,000 in AEON in an oversubscribed private round. NFT Investments joins an exclusive club of existing investors including a NYSE listed Chinese ecommerce giant which has a significant stake. This is the first investment made by the Company since its flotation on the AQSE Growth Market on 16 April 2021.
Based in Hong Kong and operating across Europe, the US and Asia Pacific, AEON uses sophisticated digital solutions to support and innovate supply chain processes in the luxury fashion industry. It has an extensive list of tier one luxury labels and preeminent fashion houses as clients, including but not limited to Louis Vuitton, Givenchy, Balmain, Balenciaga, Gucci, Chloe, Alexander Wang, Michael Kors and many others.
Under its business division AUTHENTIQUE, AEON’s offering includes NFT based verification technology that is being used to strengthen product authentication for designer goods and combat luxury counterfeiting. The global market in counterfeit goods is valued at over US$450 billion and is a great cost to the fashion industry. Beyond this, AUTHENTIQUE is also applying NFT technology to open new revenue streams through minting unique fashion NFTs and by using smart contracts written into NFTs to grant original product manufacturers ongoing royalties for each physical product resold. The global resale market is currently estimated to be more than US$50 billion, access to this lucrative market will be a first for luxury brands.
AEON is supported by an experienced management team and is led by fashion industry veteran Simon P Lock. Simon is the founder of Australian Fashion Week and former SVP & MD of IMG Fashion & Models and has been at the cutting edge of digital innovation in the industry globally for 20 years.
NFT Investments is also pleased to announce that it will pay the salaries and bonuses of its Board and management team entirely in cryptocurrency with immediate effect. NFT Investments will convert salaries from fiat to ETH at the spot rate on the last day of the month.
Jonathan Bixby, Executive Chairman of NFT Investments, said: “AEON is a pioneer in fashion technology that is leading the way in demonstrating the concrete benefits that NFTs can bring the fashion industry. The market opportunity for NFTs in the industry is huge, beyond using NFTs to establish digital ownership and verify the transfer of luxury products, AEON is also advancing the frontier of digital-first fashion products using NFTs. We expect this to be a growing future market and are delighted to support AEON alongside a roster of high calibre investors.
“NFT Investments’ DNA and growth is based on digital currencies and assets, so it is perfectly appropriate that our team is showing its conviction in the long-term value of crypto by receiving their emoluments in cryptocurrencies. I am delighted to be a part of the first company worldwide to achieve this milestone.”
Simon P Lock, Founder, CEO and Executive Chairman of AEON, said: “NFTs are set to revolutionize luxury goods authentication. Counterfeiting is the enemy of luxury brands, eroding brand value, revenue and profitability. We look forward to applying NFT technology to this space as well as supporting the emerging digital-first fashion category in which NFTs will play an enormous role.”