A burgeoning selection of luxury brands across various industries, such as fashion, jewellery, and hospitality, are accepting crypto payments. Experts believe that this is a great strategy as crypto provides luxury stores access to tens of millions of crypto users worldwide, many of whom can afford the upscale pieces they offer.
Want to shop luxury items with crypto? The following popular luxury brands and stores accept crypto payments.
Also, if you haven't already, sign up for a crypto wallet here.
1. Balenciaga
In June 2022, French luxury fashion brand Balenciaga started accepting Bitcoin (BTC) and Ethereum (ETH) payments for online transactions, and in some of their flagship stores in the U.S., They’re aiming to accept more cryptocurrencies in the future to provide additional payment options to their customers.
2. Farfetch
Farfetch, a British-Portuguese digital luxury fashion platform, announced its crypto payment capabilities across 37 countries in October 2022. They accept six cryptocurrencies, such as BTC, ETH, Tether (USDT), and USD Coin (USDC) among others.
3. Gucci
Italian high-end fashion brand Gucci kicked off its crypto journey in February 2022 with the “SuperGucci” non-fungible token (NFT) collection in collaboration with Superplastic, a vinyl toy brand. Two months later, the brand announced that it will start accepting crypto payments in some U.S. stores. They send customers emails with QR codes, which they can scan and pay through their crypto wallet.
As of writing, Gucci accepts 10 cryptocurrencies, including BTC, ETH, Dogecoin (DOGE), Shiba Inu (SHIB), and ApeCoin (APE).
4. Hublot
Swiss luxury watchmaker Hublot was one of the early crypto adopters among luxury brands. It accepted BTC for its limited edition Big Bang Meca-10 P2P watch in 2018. In June 2022, the brand announced that it will also accept crypto payments in more timepieces for transactions worth up to $30,000.Hublot is accepting 13 cryptocurrencies, some of which include BTC, ETH, DOGE, USDC, and SHIB.
5. Off-White
In an effort to expand its payment options, Italian luxury fashion label Off-White enabled crypto payments at its flagship stores in London, Paris, and Milan in April 2022.
Customers can buy fashion items using crypto with no payment limits. The accepted cryptocurrencies include BTC, ETH, USDT, USDC, Binance Coin (BNB), and Ripple (XRP).
6. Ralph Lauren
In April 2023, American luxury fashion company Ralph Lauren opened a Miami-based concept store that will accept crypto payments including BTC, ETH, DOGE, and Polygon (MATIC).
The store features a range of luxury products, such as the Men's Purple and Women's Collection labels, as well as unique handbags and accessories that will be available exclusively at the Miami location. The store's design is intended to create a modern and digital atmosphere, with interactive screens that enable customers to browse the catalog and schedule styling appointments.
7. TAG Heuer
TAG Heuer, another popular Swiss luxury watchmaker, announced cryptocurrencies as the new online payment feature of their U.S. website in May 2022. Customers in the U.S. can use 12 cryptocurrencies to purchase the brand's iconic timepieces and accessories for transactions up to $10,000, with no minimum spend requirement. Some of the cryptocurrencies they accept are BTC, ETH, DOGE, SHIB, Litecoin (LTC), Bitcoin Cash (BCH), and five USD-pegged stablecoins.
Why Do Luxury Stores Accept Crypto Payments?
There’s a growing interest in cryptocurrencies across the globe, considering the convenience, efficiency, decentralization, and security they offer. Therefore, providing the option to accept crypto payments can give luxury brands the opportunity to attract a wider customer base.
Also, since cryptocurrencies are still a relatively new payment method, accepting them can position luxury brands as innovative and forward-thinking. This can appeal to customers who prefer modern and tech-savvy brands that can demonstrate their commitment to embracing new technologies and staying ahead of the curve in the rapidly evolving digital landscape.
If that sounds like you, sign up for a user-friendly crypto payment app now.
Final Thoughts
By offering a quick, secure, decentralized, and easily accessible payment system, cryptocurrencies have been changing the game for various industries, including the luxury retail market. And as we gear toward global crypto adoption, it is likely that we will see more luxury brands accepting crypto as a form of payment.
FAQ
What are crypto payments?
Crypto payments refer to the use of digital currencies, such as BTC, ETH, and USDT, for making transactions. Unlike traditional payment methods, which rely on centralized financial institutions, crypto payments use decentralized blockchain technology to process transactions.
What other companies accept crypto payments?
Some of the major companies that accept crypto payments include Microsoft, Twitch, airBaltic, CheapAir, and the Virgin Group.
What platform can I use to make crypto payments?
You can make quick and easy crypto payments using Ka.app, a reliable digital payment platform. The app allows you to send crypto for free to other Ka.app users, receive payments in a different currency through the Easy Swap Engine, and convert cryptocurrencies within a few seconds.
