This week, fashion designer Philipp Plein announced that his brand is accepting payments in Bitcoin, the first major luxury designer to do so. With the mainstream adoption of blockchain technology still in its early days, it is a brave move to embrace the digital currency so early, but one that could help grow the fashion industry and increase its overall appeal.
Over the past year, there has been a growing trend in the mainstream of accepting cryptocurrency payments for transactions. While these moves are still limited, the one company that has fully embraced cryptocurrency payments is the French fashion house Philipp Plein.
TL;DR Summary
• Philipp Plein expresses his interest in cryptocurrency. • Gucci hosts an NFT auction with exclusive items.
Several worldwide companies and retail shops are already accepting cryptocurrency as payment. Although there are many different perspectives on cryptocurrency, it is widely accepted.
Two well-known businesses accepted the challenge in the early days of August, instilling faith in cryptocurrency. One of them is represented by the Philipp Plein clothes brand, while the other is represented by the American company Quiznos. Both companies are well-known in the fashion industry, and their bitcoin acceptance may help crypto gain traction in general.
Philipp Plein’s spectacular entrance
German clothing brand Philipp Plein confirms that it will become the first fashion clothing line to accept cryptocurrencies. The company authenticates that it will adopt over 10 cryptocurrencies, including Bitcoin and Ether, in an announcement. The fashion brand will likely accept other cryptocurrencies such as Dogecoin, Cardano, Litecoin, and Bitcoin Cash.
Users interested in purchasing the German apparel brand will be able to do so in either cash or bitcoin. These cryptocurrency transactions may be performed in-person or online at Plein.com.
The fact that the company is functioning as a progressive apparel brand, according to Philipp Plein, creator and designer, is unsurprising. He even thinks that cryptocurrency is the way of the future, and he wants to make sure that his team is a part of it. The fashion house has made the necessary adjustments to accommodate this new payment option and anticipates that consumers will like it.
Philipp Plein has become one of the most well-known fashion labels in the world, and this news will only add to its recognition. The premium apparel company aims to charge approximately $120 million in bitcoin payments by the end of 2023.
Other major companies are also accepting cryptocurrency payments.
Philipp Plein, the creator of Philipp Plein, launched crypto payments on his Instagram account, leveraging his over 2 million followers. Even the well-known designer refers to himself as the “crypto King.”
Gucci has also made good moves in embracing crypto, so the German apparel company is not alone. Gucci, an Italian fashion house, conducted non-fungible token auctions including items from their inventory. In the next months, Gucci is anticipated to build the foundation with cryptocurrencies and adopt them for virtual payments.
Also, the Italian brand Dolce & Gabbana presented its NFT collection a few weeks ago, which succeeded. Moving away from the fashion world, the fast-food line Quiznos accepted crypto payments as part of its updates. Even McDonald’s and Germany-based Burger King have accepted Bitcoin payments among their services.
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