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In the everchanging realm of luxury, the integration of crypto payments is reshaping the online shopping experience. From top-tier luxury brands to trendy retail outlets, the embrace of cryptocurrency marks a pivotal shift in the industry's landscape. Here's a glimpse why fashion houses and retail giants are adapting to this digital wave, as well as a list of 8 houses, retailers and watchmaker's where you can go to spend your digital currency.
Why are luxury brands accepting crypto?
The luxury goods industry is experiencing a transformative shift with the rise of crypto payments. Leading brands like Tag Heuer, Balenciaga, and mainstream retailers such as Farfetch are embracing digital currencies like Bitcoin and Ethereum. This forward-thinking approach caters to tech-savvy clientele, positioning fashion houses as pioneers in e-commerce innovation. Cheaper online platforms like Etsy are also joining the trend, fostering inclusivity in the fashion landscape. Crypto payments offer enhanced security, privacy, and seamless cross-border transactions, eliminating fraudulent chargeback claims which are very common in the luxury industry. By embracing digital currencies, fashion brands tap into a growing market of digitally savvy consumers while staying ahead in technological innovation. As the industry evolves, cryptocurrency adoption promises to redefine the fashion and luxury commerce, providing a seamless payment experience worldwide.
Here’s a list of 8 fashion houses, luxury retailers and watchmakers that are now accepting crypto.
1. Gucci
In February 2022, Gucci, the prestigious Italian fashion house, launched its "SuperGucci" non-fungible token (NFT) collection in collaboration with Superplastic. Two months later, Gucci announced it would accept crypto payments in around 70% of its directly operated U.S. stores. Customers receive QR code emails for scanning and payment through their crypto wallets. Gucci currently accepts 10 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Litecoin (LTC), Shiba Inu (SHIB), and ApeCoin (APE).
2. Farfetch
In October 2022, Farfetch, a British-Portuguese digital luxury retailing platform boasting a roster of over 1400 luxury fashion brands like Prada, as well as jewelry from De Beers and watches from Rolex, revealed its crypto payment options to over 37 countries. The platform now accepts six cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USD Coin (USDC), among others.
3. Balenciaga
French luxury fashion brand Balenciaga began accepting crypto payments such as Bitcoin (BTC) and Ethereum (ETH) for online purchases and in select flagship stores across the U.S. in June 2022. Their future plans include expanding the range of accepted cryptocurrencies to offer customers more payment options, including a range of stablecoins.
4. Tag Heuer
In May 2022, TAG Heuer, a renowned Swiss luxury watchmaker, introduced crypto payments as the latest option on their U.S. website. Customers across the United States can utilize 12 different cryptocurrencies to acquire the brand's iconic timepieces and accessories for transactions of up to $10,000 USD, with no minimum spending threshold. Among the crypto accepted are Bitcoin (BTC), Etherium (ETH), Dogecoin (DOGE), Litecoin (LTC), Bitcoin Cash (BCH), and five USD-pegged stablecoins.
5. Off-White
To diversify its payment methods, Off-White, an Italian luxury fashion label founded by the late Virgil Abloh, introduced crypto payments at its flagship stores located in London, Paris, and Milan as of April 2022. Customers are now able to purchase fashion items using cryptocurrencies without any payment restrictions. The accepted cryptocurrencies encompass Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), Binance Coin (BNB) and Ripple (XRP).
6. Hublot
Hublot, another Swiss luxury watchmaker, emerged as an early adopter of cryptocurrencies within the luxury brand sphere. It began accepting BTC for its limited edition Big Bang Meca-10 P2P watch in 2018. Fast forward to June 2022, the brand unveiled its plans to extend crypto payment acceptance to additional timepieces, allowing transactions of up to $30,000. Hublot now welcomes 13 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), USDC, and Shiba Inu (SHIB).
7. Ralph Lauren
In April 2023, Ralph Lauren, the American luxury fashion company, unveiled its Miami-based concept store, welcoming crypto payments such as Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE) and Polygon (MATIC). This innovative store boasts a curated selection of luxury products, including the Men's Purple and Women's Collection labels, alongside exclusive handbags and accessories available solely at the Miami location. With a design crafted to exude modernity and digital sophistication, the store features interactive screens enabling customers to browse the catalog and schedule personalized styling appointments.
8. Jacob & Co.
Jacob & Co., the renowned luxury watchmaker and jewelry brand, now accepts cryptocurrency as a form of payment, marking a significant shift in the luxury market. Even producing the ‘Astronomia Solar Bitcoin’. An exclusive black and gold, edition of 25, titanium watch, retailing at $348,000 with an option to pay in BTC of course. With this move, Jacob & Co. stated this is a move to attract new clientele and streamline the purchasing process for its customers, making transactions more effortless and secure. They accept a range of cryptocurrencies including Bitcoin (BTC), Etherium (ETH), Dogecoin (DOGE), Litecoin (LTC), Bitcoin Cash (BCH), and select stablecoins.
Conclusion
In conclusion, the luxury industry's integration of cryptocurrency payments represents a profound shift in the way high-end brands engage with their tech-savvy clientele and navigate the evolving landscape of e-commerce. As demonstrated by the diverse array of luxury fashion houses, retailers, and watchmakers embracing cryptocurrencies like Bitcoin and Ethereum, the adoption of digital currencies is not merely a trend but a strategic move towards innovation and customer-centricity.
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