Fashion brand Gucci has confirmed that customers across some of its biggest outlets will be offered the option to pay in cryptocurrency.
This includes stores in Los Angeles, Miami, Las Vegas, Atlanta, New York and others. The company is going to introduce a total of 10 cryptocurrencies to begin with, including some of the meme tokens, such as Shiba Inu, Dogecoin, and mainstream ones, like Bitcoin, Bitcoin Cash, and Ether.
Gucci is following in the footsteps of Philipp Plein, a prominent fashion designer, whose company began accepting cryptocurrency in 2021 and has had no change of heart since (unlike Tesla, for example).
This should pave the way for new clients in the crypto community, with people interested to unload some of their holdings to have nice, branded goods or clothes.
According to CEO Francois-Henri Pinault this is the right way to move forward. “We’re at a very precocious stage of what may happen, nothing is certain”, the executive said acknowledging some of the challenges that still remained to be addressed. It’s about a “wait and see” approach and “test and learn”.
While the idea of a luxury brand may have resonated with older generations, younger generations tend to be less obsessed with high-end goods. However, Gucci and other luxury brands are now betting that crypto holds the key to younger consumers’ wallets.