Fashion and Cryptovalute: How is the fashion market evolving?
Updated: 4 days ago
Author: Graziana Zappalà
Date of Publication: 09/01/2023
Multichannel distribution uses both the physical and the virtual world as it’s constantly growing. This opening allows companies to offer a better service because customers can buy through all digital modes. For this reason, companies have started to introduce the cryptocurrency system, which entered the fashion world as well.
Philipp Plein Group has grown into the first large fashion group in the world to accept payment in 15 different cryptocurrencies, counting: Bitcoin and Ethereum. Digital currency is now accepted for purchases at many of the group's stores throughout the world as well as on the brand's e-commerce.
Since late March 2022 ,Off- White, a brand founded by Virgil Abloh, has accepted its flagship stores in Paris, London and Milan cryptocurrency payments. In particular, they have included Bitcoin, Ethereum, Binance Coin, Ripple, Stablecoins Tether and Usd Coin in their payment process..
Gucci is the first fashion house of a luxury conglomerate that has officially cleared all prejudices. Actually it has begun to accept payments in cryptocurrency as well. So, an important position was taken from a brand of the Kering group. Gucci started with a pilot program launched in May 2022 at Gucci Wooster in New York, Rodeo Drive in Los Angeles, Miami Design District, Phipps Plaza in Atlanta and The Shops at Crystals in Las Vegas. In addition to ApeCoin (APE), Gucci customers can currently pay with more than 10 cryptocurrencies and 5 stablecoin linked to the US dollar.
Moreover, Balenciaga is in favor of cryptocurrencies, particularly Bitcoin (BTC) and Ethereum (ETH). In particular, they are accepted in Balenciaga flagship stores in Los Angeles, New York and also on the brand’s official website. The company, founded by the famous Spanish tailor Cristóbal Balenciaga, has been able to transform its heritage. Therefore, it has become a brand of haute couture known all over the world and especially among high-class customers. The company led by Kering, plans to accept not only the two main cryptocurrencies, but also other ones. Accepted cryptocurrencies will largely depend on the final selection of the cryptocurrency payment provider. For example, if you chose BitPay the list could expand into a wide range of cryptocurrencies including Shiba Inu (SHIB), Dogecoin (DOGE) or Cardana. ( ADA ) among others.
This trend of openness towards crypto-business definitely reflects the desire to go to capture a new customer base. Moreover, it is possible to expand the already existing one, taking into account online digital asset traders, including Gen Z and Millennials. So, they can accumulate significant amounts of cryptocurrencies with their transactions, not only in the Metaverse or for the purchase of NFT, but also in the real world.