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Italian fashion manufacturer Gucci has announced it will accept cryptocurrency payments. Its shops will accept Ethereum, Bitcoin, Bitcoin Cash, Wrapped Bitcoin, Shiba Inu, Litecoin, and Dogecoin. Gucci will also accept five stablecoins based on the US dollar.
By the end of May, customers will have the option to use crypto payments in five US stores. The first Gucci locations to adopt the innovation will be the Rodeo Drive store in Los Angeles, The Shops at Crystals in Las Vegas, the Wooster Street store in New York, Miami Design District, and Phipps Plaza in Atlanta.
Gucci customers will receive an email with a QR code that links them to the payment in their crypto wallet. Retailers can then convert cryptocurrencies into fiat right away or wait for bitcoin payments. There will be no restrictions on how much a customer can spend. It’s also worth noting that Gucci also plans to offer returns for purchases paid in crypto.
Other fashion brands are adopting the technology. In March 2022, Off-White started accepting cryptocurrencies at their flagship stores in Milan, London, and Paris. Philipp Plein is building a store in London that will include an NFT gallery, accept payments in cryptocurrencies, and offer clients the option to upgrade their physical purchases with wearable NFTs.
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