May act as a scaffolding protein within caveolar membranes, functionally participating in formation of caveolae or caveolae-like vesicles. May be involved in epidermal cell adhesion and epidermal structure and function. Heterooligomeric complex of flotillin-1 and flotillin-2 and caveolin-1 and caveolin-2 (By similarity). Interacts with ECPAS. Membrane-associated protein of caveolae. In skin, expressed in epidermis and epidermal appendages but not in dermis. Expressed in all layers of the epidermis except the basal layer. In hair follicles, expressed in the suprabasal layer but not the basal layer. Also expressed in melanoma and carcinoma cell lines, fibroblasts and foreskin melanocytes. ZDHHC5-catalyzed palmitoylation predominantly occurs at Cys-4. ZDHHC5-catalyzed palmitoylation may be required for the formation of higher-order complexes and for neurite outgrowth in cultured neural stem cells. Belongs to the band 7/mec-2 family. Flotillin subfamily. Truncated N-terminus.