Italian street luxury fashion label Off-White has decided to support cryptocurrency payments for some of its flagship stores, Vogue Business was the first to report the news Thursday.
Flagship stores in Paris, London, and Milan will accept several crypto assets, including Bitcoin, Ethereum, BNB, XRP, and stablecoins Tether (USDT) and USD Coin (USDC), for all Off-White products without any payment limit. In addition, store credit will be provided if there are refunds on any item.
To counter the risk of price volatility, the brand will process the transactions using the LUNU point-of-sale terminal, where customers can spend their crypto assets for retail transactions. The service supports multiple crypto-currency wallets that scan QR Codes to complete transactions, Off-White explained in the announcement.
Established in 2012, Off-White is a major Italian luxury fashion brand with over 49 locations worldwide. Founded by American fashion designer Virgil Abloh, the company sold its 60% stake to LVMH, the parent company of major fashion brands including Christian Dior, Fendi, Givenchy, and more.
By accepting crypto payments, Off-White seeks to advance into Web3 and expand its Gen-Z customer base. “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,” the company said in a statement.
Major luxury brands have already entered the Web3 space. Gucci, Louis Vuitton, Dolce & Gabbana, Givenchy, Burberry, and Prada are just some of the companies to sell their NFT collections. Swiss luxury watchmaker Hublot started supporting cryptocurrency payments in February, whereas Gucci bought a LAND in the metaverse game The Sandbox to build its own virtual store.
