Why former Google, Chanel, and PwC employees are building a crypto wallet

Before building Clos3t, a startup creating a crypto wallet for fashion, Amandine Degotte spent over half a decade working at brands such as Chanel and Dior, focusing on client engagement and digital strategy. Something she learned in that time was how fragmented the consumer journey can be.

“We developed a lot of apps, but also algorithm with AI to make sure we can deliver personalized recommendations to clients,” said Degotte, co-founder and CEO of Clos3t, in an interview with The Block. “And I was super surprised, because all the brands that are developing their own client journey, are basing it only on the data that they pull.”

For example, if a client were to shop at Chanel, the company would ask what the occasion was, what kind of sleeves and length and colors they prefer, and other questions to create a profile. Then, it would hyper-personalize the client’s shopping experience with this data. But this same information wouldn’t then transfer to Louis Vuitton or Prada or any other store the client visits.

Brands that focus on a personalized service often forget that consumers aren’t just shopping at their store alone, said Degotte. But a single place does not yet exist where all their preferences are stored to create a seamless shopping journey between multiple stores.

That’s when Degotte decided to use web3 technology to link up luxury brands.

Clos3t is a wallet for digital clothes and fashion. It can store proof of attendance protocols (POAPs), proof of authenticity, and other non-fungible tokens (NFTs). This sets it apart from other crypto wallets such as MetaMask, which is non-industry specific and requires some previous crypto know-how, said Degotte. Clos3t allows crypto natives with wallets to link with their tech. The company is also developing an app for onboarding those who are new to the space.

“When I got into web3 a few months ago, I really wanted to develop a super consumer-centric application that will really leverage the preferences of the client, not only based on one brand, but everything that he likes related to fashion,” said Degotte.

In April, she began building the business with Setareh Lotfi, the company’s CTO and co-founder, and Virginie Le Bervet, COO and co-founder. Lotfi previously worked in product at Google, focusing on the company’s Global Fibre Impact Explorer, which combines Google Cloud’s tech capabilities with WWF’s conservation expertise to help fashion companies make sustainable decisions. Le Bervet previously worked in consulting at PwC and EY.

Degotte's company recently raised $300,000 from Fabric Ventures and Frst, with the option to increase the funding to $800,000. It plans to raise more before the platform officially launches in the coming months.