Balenciaga is the latest fashion brand to embrace cryptocurrencies as a payment method.
The French fashion brand – Balenciaga – will reportedly embrace cryptocurrencies as a payment method for its products. Initially, the offering will be available at the firm’s US shops on Madison Avenue in New York and Rodeo Drive in Beverly Hills, Los Angeles.
Balenciaga Catching the Crypto Wave
According to a recent coverage, Balenciaga will allow its American customers to buy clothes, shoes, bags, and other products using bitcoin and ether. Customers will also be able to pay in crypto when purchasing from the brand’s official website. The fashion house is expected to extend its offer to other regions and add more digital assets at some point in the future.
The recent decline of the cryptocurrency market might be an issue for numerous individuals and companies with exposure to the asset class, but this is not the case for Balenciaga. The company disclosed it is “thinking long-term,” and temporary fluctuations are “nothing new.”
Earlier this month, the Swiss luxury watchmaker Tag Heuer dived into the world of crypto, too, accepting twelve digital assets plus five stablecoins as a means of settlement on its US website. The company’s partner in the initiative was the payment service provider BitPay.
Similar to Balenciaga, Frédéric Arnault – CEO of Tag Heuer – disclosed the firm had been intrigued by bitcoin since its birth and the recent price swings of the market are not a concern.
“This new crypto payment feature is just the beginning of many exciting projects for Tag Heuer in the Web3 universes,” the executive added.
Philipp Plein Allows Payments in Digital Assets
Last year, the German fashion company – Philipp Plein International AG – enabled its customers to employ 15 cryptocurrencies as a payment method when buying its products. Two of those assets are the leading ones by market capitalization – bitcoin and ether.
Introducing such an offering was not a huge surprise since the CEO of the brand – Philipp Patrick Plein – is a keen proponent of the crypto sector and even a HODLer.
“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…together, we are making HISTORY,” the executive stated back then.
Last month, Plein revealed that crypto payments accounted for around 3% of the fashion company’s $105 million online revenue in 2021. In his view, 2022 will be even more successful, predicting that settlements with digital assets will form up to $21 million of the yearly earnings.