Luxury Brand Gucci to Accept Crypto Payments in U.S. Stores

Luxury fashion powerhouse Gucci will start accepting crypto as a payment method at the end of this month, Vogue Business reported earlier this week.

Gucci to Test Crypto Payment

The firm will accept over 10 crypto assets including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Wrapped Bitcoin   (WBTC), Litecoin (LTC), and five stablecoins. The list also includes meme cryptocurrencies such as Shiba Inu (SHIB) and Digecoin (DOGE).

Gucci said it will send emails containing a QR code to its customers to complete in-store payments via their crypto wallets.

The fashion brand plans to begin pilot testing in five of its US stores and later extend it to its North American stores.

The five stores are Wooster Street in New York, Rodeo Drive in Los Angeles, Miami Design District, Phipps Plaza in Atlanta and The Shops at Crystals in Las Vegas.

Founded in 1921, Gucci is an Italian fashion label that offers a variety of luxurious products including footwear, handbags, ready-to-wear, accessories, makeup, and fragrances.

Commenting on the development, Gucci CEO Marco Bizzarri said:

“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers. Now that we are able to integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them.” 

Gucci Embraces Crypto

While this will be the first time the fashion brand will accept crypto payments, Gucci is not new to the crypto industry and has in the past engaged with non-fungible tokens and the metaverse.

In January, Gucci partnered with NFT-focused company Superplastic to launch an NFT collection. Shortly after, the fashion brand purchased a virtual land in the metaverse in collaboration with blockchain firm The Sandbox.

Meanwhile, Gucci has now joined a growing list of major fashion houses accepting crypto as payment. In April, Coinfomania reported that Italian fashion brand Off-White has started accepting crypto assets as payments for its offerings.

Other mainstream fashion labels including luxury watch brand Hublot and Italian luxury streetwear brand Philipp Plein have already added cryptocurrencies to their payment options.