Major luxury fashion and lifestyle brands are now accepting cryptocurrencies for goods and memberships online and in-store.
May 12, 2022
Luxury brands are enticing the crypto-elite with new cryptocurrency payment options.
The LVMH-owned contemporary luxury label started accepting cryptocurrency payments in its Paris, London, and Milan flagship storefronts in March. Customers will be able to purchase Off-White products with accepted cryptocurrencies including Bitcoin, Ethereum and Tether, marking an “important step in the growth of the brand, that looks towards the future including Web 3.0 technologies, understanding the needs and desires of its ever-evolving customer base,” Off-White said in a statement.
One of the first luxury brands to enter the metaverse, Gucci announced in May that it would accept crypto payments for goods at North American stores. Accepting currencies including Dogecoin, Bitcoin, Shiba Inu and more is another advancement of Gucci’s meta-branding that will likely appeal to its gen Z fan base.
In May, the luxury gym announced that it will now accept membership payments in cryptocurrencies for any of its 35 NYC locations. According to the New York Post, Equinox is the first gym in the US to accept digital payments for membership fees, and it reportedly has plans to expand crypto payments to other locations in the future.
Charles & Keith
During its appearance in the first-ever Metaverse Fashion Week in March, this high-end accessory label launched cryptocurrency as a payment mode on its website for its markets in Singapore, the United States, Australia, Canada, Malaysia, UK and the EU. The company is exploring using crypto as an everyday payment mechanism, according to a press release.
German luxury designer Philipp Plein’s “crypto concept store” launched at its London flagship in April of this year. Customers can pay using one of 25 cryptocurrencies, and the brand has expressed interest in expanding the service to other flagships in the future. As the first luxury company to accept crypto payments last year, this advancement merges the metaverse with its physical storefronts.
The metaverse is a $50 billion revenue opportunity for the luxury market, according to Morgan Stanley—and luxury brands are building the foundation to meet their shoppers in the virtual realm. Expect to see more crypto-checkout options as luxury prepares for the future of virtual commerce.
Main image courtesy of Charles & Keith.