Philipp Plein Group will become the first major fashion brand to accept payments in cryptocurrency at both its retail stores and online.
The Swiss-based brand, named after its German designer, announced on Tuesday that it will accept 15 different digital currencies as payment in exchange for its products including major cryptos Bitcoin and Ethereum.
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The group said that it expects the move to make “the strongest positive impact” in its online segment, adding that it expects its ecommerce platform to hit a record turnover of €100mln this year.
“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,” Plein said in a statement.
Plein’s move follows the foray of other luxury fashion brands that have been dipping their toe into the world of digital assets, blockchains and crypto.
UK brand Burberry Group PLC (LSE:BRBY) has previously released non-fungible token (NFT) collectables while Louis Vuitton owner LVMH has piloted authentication services using blockchain technology.
Crypto markets were also rallying in early trading in London on Friday, with Bitcoin up 5.3% in the last 24 hours at US$40,921 while Ethereum jumped 3.5% to US$2,770.