Gucci accepts crypto as a means of payment

Want to buy that one Jackie Bag, but would rather not see your bank balance drop right away? Fashion house Gucci will accept cryptocurrency payments in select stores at the end of this month.Text: Fleur de Jong
Image: GucciThismove by the Italian fashion brand appears to be a major validation for cryptocurrency. Gucci's outlet stores in LA, Miami, Las Vegas and New York are among the locations where crypto will be accepted. Customers who opt for crypto payment will receive a link via email containing a QR code that they can then use to pay with their crypto wallet. A total of 10 different currencies will be accepted, including Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Shiba Inu and Dogecoin. The brand plans to expand the pilot to all of its stores in North America this summer.

Offering in-store crypto payments will require some in-service training for store employees, though. Parent company Kering introduced an in-house game for this purpose this week in partnership with Al Dente, which will train employees in NFTs and Web3.

Dionysus bag

Gucci, however, is no stranger to experimenting with new technology. For example, the Italian brand previously sold a digital version of an iconic Gucci bag. For example, the Gucci Dionysus bag was sold on game platform Roblox for more than the real value of the physical version. On Roblox, users can create fashion items for avatars that are then bought and sold using digital currency. In the end, the Dionysus sold for about 3,900 euros, compared to the retail price of about 3,200 euros. Gucci also entered the metaverse by buying a virtual piece of land in The Sandbox; an NFT game in which players build their own virtual world.

Other brands in the United States have also previously accepted crypto as a means of payment, with Off-White and Philip Plein also taking the plunge. Designer Philip Plein proclaimed himself crypto king. According to sources, Plein has at least one bitcoin transaction a day and now has 150 Bitcoins, which is roughly equivalent to 4.7 million euros. Also read: 'Met Gala 2022: these are the most striking outfits'