Luxury brands eye crypto payments as Bitcoin value skyrockets
The soaring value of Bitcoin has caught the attention of luxury fashion brands and retailers, prompting them to explore cryptocurrencies as a payment option. The move is intended to tap into new sources of wealth and build loyalty among cryptocurrency investors. So far, only a handful of luxury brands including LVMH watch labels Hublot and Tag Heuer and Kering-owned fashion houses Gucci and Balenciaga have trialed crypto payment options.
Printemps partners with Binance and Lyzi for crypto payments
High-end French luxury department store Printemps recently announced its collaboration with Binance, the world's largest cryptocurrency exchange, and French fintech firm Lyzi. The partnership will see Printemps accepting cryptocurrencies such as Bitcoin and Ethereum in its stores across France. With this, Printemps becomes the first European department store to adopt such a strategy. David Princay, President of Binance France, confirmed that the initiative has piqued interest among other luxury labels.
S.T. Dupont and Virgin Voyages join crypto trend
Luxury lighter and pen manufacturer S.T. Dupont has announced plans to accept cryptocurrency payments in two of its Paris stores ahead of the holiday season. In the travel sector, cruise company Virgin Voyages has begun accepting Bitcoin for its first product - a $120,000 annual pass that lets you sail unlimited on its cruise ships for up to a year.
Crypto payments: A branding strategy for luxury labels
Traditionally, luxury labels have catered to wealthy tech industry shoppers by opening stores in high-end Silicon Valley malls. With Bitcoin's recent surge, these brands are eyeing cryptocurrency payments as a potential growth source amid the luxury industry's biggest slump in years. Andrew O'Neill, digital assets lead analyst at S&P Global Ratings, suggests accepting crypto payments could help brands position themselves as innovative rather than outdated.
Luxury goods: An investment diversification strategy for Bitcoin investors
For Bitcoin investors who have witnessed their investments skyrocket, luxury goods such as designer handbags or expensive watches make an appealing choice for portfolio diversification. Balenciaga recently introduced a leather card holder to specifically accommodate "Stax" hardware from crypto wallet company Ledger. The move further highlights the increasing interest of designer labels in the cryptocurrency space.
Kering and Printemps expand crypto payment services
Gregory Boutte, Chief Client and Digital Officer for luxury conglomerate Kering, stressed the need to adopt new technologies to draw younger and Asian customers. Since 2022, Gucci has been enabling purchases via 10 cryptocurrencies for most of its products in the US. Printemps is also looking to expand its cryptocurrency payment service to New York City with a multi-brand retailer opening in Wall Street district in March.
