Off-White announced that it will be accepting Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), XRP, in its flagship stores in London, Milan, and Paris
Off-White Now Accepts Cryptocurrency
The company also stated that there would be no limits on how much customers could pay with the aforementioned cryptocurrencies, but that they would conduct prior fraud checks.
Off-White is a luxury fashion brand founded in Italy in 2012 by late American designer Virgil Abloh.
Last year, LVMH Mot Hennessy Louis Vuitton, commonly known as LVMH, the world’s second-largest luxury goods corporation, purchased a 60% stake in Off-White as part of a larger strategy to increase its market share in a world crowded with rival brands.
The decision to accept cryptocurrency is consistent with Abloh’s legacy of promoting youth culture and innovation, as well as an attempt to entice Gen-Z consumers who see various fashion items, particularly sneakers, as alternative assets to invest in, according to the Thursday announcement.
“This is another important step in the growth of the brand, that looks towards the future including Web 3.0 technologies, understanding the needs and desires of its ever-evolving customer base.”
In an effort to reach the masses, particularly the youth, the company has made inroads into various platforms, including a TikTok debut in February to stream its shows via Tiktok’s new multi-streaming technology.
Hublot, Philipp Plein, Prada, Adidas Enters Cryptocurrency
Hublot, a subsidiary of LMVH, and Philipp Plein, an Italian luxury streetwear brand, both began accepting cryptocurrency payments in February 2022 and August 2021, respectively.
Plein, which recently told Vogue that it completes at least one cryptocurrency transaction per day, has amassed more than 150 Bitcoin since launching the payment option.
Richemont and Prada are also riding the crypto wave after joining LMVH’s blockchain group, the ‘Aura Blockchain Consortium,’ which allows shoppers to authenticate goods and track the origin of their purchases.
Having said that, while there are still risks in accepting cryptocurrencies for various fashion luxury brands, particularly due to the volatility involved, firms are already devising ways to avoid becoming entangled in losses when there is wild volatility.