Gucci’s crypto payment options set to explode in US – WWD
Gucci began accepting cryptocurrency in a few US stores in May, and is now going all-in on blockchain-based payments.
When BitPay — the Italian luxury house’s crypto payment platform of choice — announced new support for two more coins on Tuesday, ApeCoin and Euro Coin, Gucci stepped up as the first major brand to accept one of those options through the platform.
With the addition of ApeCoin, clientele will have a dozen options to pay for goods with tokenized digital money, rounding out a selection that includes Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Dogecoin, Shiba Inu, and 5 USD-pegged stablecoins (GUSD , USDC, USDP, DAI and BUSD).
The Italian luxury brand dipped its toe into crypto with just five stores initially, but saw fit to expand its support. Today, more than two-thirds of Gucci’s US-based stores accept the alternative payments, representing 70 percent of the full, directly operated network in this market. The rest won’t be left out for long, though: The company plans to make those locations crypto-ready by this week, amounting to full support across its own US retail operations.
According to Stephen Pair, BitPay’s CEO, the platform was simply responding to demand. “We added ApeCoin and Euro Coin because customers of our luxury retailers asked for it,” he said in a statement.
ApeCoin is a token of the well-hyped Bored Ape Yacht Club NFT collection, a subsidiary of Yuga Labs. Bored Ape Yacht Club is widely sought after by celebrities and other wealthy individuals, and ApeCoin will be the main token used across the Ape ecosystem, Web3 games, experiences and community. ApeCoin holders can shop at BitPay merchants – which include premium brands and retailers, as well as popular services like UberEats and DoorDash – handing over tokens for cash with a BitPay card, trading them, or just keeping them.
The volatile world of crypto investing is an adventure sport unto itself, with heart-pounding swings. Bitcoin and Ethereum, for example, are bouncing back energetically after a big crash in June set off nerves. But the fascination with blockchain-based currency endures, and its die-hard fan base remains undeterred.
In the case of Gucci, the logical assumption is that it must respond to its customers. After all, if BitPay’s Pair is right, demand must rise among luxury consumers. But this scenario is not a given, and the company declined a WWD request for comment, so it is not known how many of its customers are actually using Bitcoin or Dogecoin.
Another, perhaps more likely possibility, is that the embrace of crypto allows the brand to meet future initiatives.
The world of technology and fashion seems obsessed with the idea of mixing brick-and-mortar stores with the virtual world and digital products. If Gucci—which has been active in digital collectibles, avatar wearables, and NFTs, as well as partnerships with virtual worlds like Roblox and The Sandbox—wanted to connect or even embed metaverse experiences and Web 3.0 transactions into its brick-and-mortar stores, and preparing every store in a high-value market to accept crypto is a great place to start.
