As Blockchain technology takes the world by storm, it isn’t only the finance sector that is benefitting from the latest innovation. Luxury brands such as Louis Vuitton and Burberry are also getting involved with the blockchain, turning to non-fungible tokens to market their brands. Now, fashion brand Philipp Plein has announced it will accept various cryptocurrencies including Bitcoin and Ethereum – the first major fashion brand to do so.
Swiss-based brand Philipp Plein is known for its exclusive style, with GQ describing its Billionaire menswear label as the “new go-to label for the fast, the furious, and the rich”.
In a recent Instagram post, Plein announced they will now accept payment in 15 different cryptocurrencies both in store and online. The animated post referred to Plein as a crypto king, with the brazen designer celebrating the brands decision ‘to make history’:
I am a crypto investor and I believe in the future of CRYPTO – this is why I decided to offer this payment method in my stores and online !!!! have fun guys and enjoy shooting CRYPTO COINS in our wallet – together we are making HISTORY
In a formal statement, the fashion group’s CEO, Philipp Plein, further commented on their decision to accept cryptocurrencies:
“I believe that cryptocurrencies are the future and my team and I have made a major commitment in time and resources, performing all necessary system modifications in order to adopt this new type of currency. I am very pleased to be able to offer to our customers this additional payment tool and the flexibility associated with it.
While Phillip Plein may be the first major fashion brand to accept payment for goods in cryptocurrencies, several luxury brands have released non-fungible tokens and/or utilised blockchain technology for the authentication of luxury items.
French fashion house Louis Vuitton recently marked its 200 year anniversary by launching an NFT-based video game that included unique NFTs from digital artist Beeple.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
