Recently, Philipp Plein announced that it has become the first major fashion brand to accept cryptocurrency as payment.
The popular, global brand will accept 15 cryptocurrencies, including bitcoin and ether. Crypto currency is accepted for purchases in the bran’s many brick and mortar retail stores around the globe and most importantly on the brand’s e-commerce platform www.plein.com.
Well, Philipp Plein is one of the first global brands to create and develop an inhouse e-commerce platform, which, according to the brand, is expected to reach a record turnover of 100 million Euro in 2021.
Source: Philipp Plein
German designer and
founder, Plein said, "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".
The brand expects to see the strongest positive impact of the initiative.
Well, Philipp Plein’s acceptance of crypto payments is part of a larger trend in the fashion industry toward crypto adoption, with group's like Burberry releasing collectible NFTs and luxury label conglomerate LVMH piloting blockchain-based authentication services.
Some other luxury and beauty brands such as watchmakers Hublot and Franck Muller, are already accepting cryptocurrency for payment.