Upscale German fashion designer Philipp Plein told his 2.5 million followers on Instagram he will now accept crypto as payment online and in his stores.
The cryptos accepted are Bitcoin, Bitcoin Cash, BNB, Bitcoin S.V, Dogecoin, Ethereum, Litecoin, Nano, OmiseGo, Paxos Standard Token, Qtum, Tron, TrueUSD, USD Coin, Tether ERC-20.
Diving deeper, crypto and fashion were made for each other.
Philipp Plein leading the way
Since launching his brand in 1998, originally selling furniture, Plein has carved a name for himself in the fashion world.
Described by fashionistas as “glamourous” with “a healthy dose of sex, drugs, and rock and roll,” Plein’s style appeals to the well-heeled people who need luxury in their lives.
In describing his typical clients, Plein said they are young, self-confident, and successful people.
Certainly, a great deal of crypto OGs, who have been in the game for several years, could generally be described as young and successful.
In his post announcing crypto as a payment method, Plein also said he holds and that he believes crypto is the future.
“THE FUTURE IS NOW – CRYPTO KING PLEIN is targeting this year 100 MILLION EURO -ONLINE- turnover ONLY I am a crypto investor and I believe in the future of CRYPTO – this is why I decided to offer this payment method in my stores and online !!!! have fun guys and enjoy shooting CRYPTO COINS in our wallet – together we are making HISTORY “
Plein further commented that he’d been overwhelmed with the response since making the announcement earlier this week.
Luxury fashion eyes opportunities in crypto
Given that the fashion industry thrives on trends and innovations, it almost seems non-sensical that fashion houses have taken this long to get on board with crypto.
But the industry heavyweights are coming on board, and not just for payments.
Luxury watchmakers, Bvlgari and Hublot, make use of E-warranties that also act as product authentification tools. Similarly, Prada spA, Cartier, and LVMH are looking to blockchain technology in fighting counterfeiters.
NFTs also open up endless opportunities, especially in marketing and brand loyalty.
“The widespread adoption of cryptocurrency, as well as the introduction of the new non-fungible tokens (NFTs) based on blockchain tech, have led to massive interest from top brands all over the world.”
All in all, the luxury goods market provides a relatively untapped opportunity. As Plein attests, the future is looking bright.