Gucci set to initiate a trial of cryptocurrency payment in New York and four other U.S. cities!
the other luxury brand, that of Balenciaga announced the same for the clients in New York and Los Angeles.
Gucci said it was aiming to grow its consumer base among the 30’s, while expanding its digital offerings.
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Gucci, Farfetch and others are accepting Bitcoin and Ethereum as a way of courting young consumers, WSJ Finds
Online-luxury marketplace Farfetch Ltd,
will start accepting cryptocurrency payments, following Gucci and other upmarket brands in embracing Bitcoin and other forms of digital money in a bid to attract younger shoppers.
Farfetch said “VIP” customers will be able to start paying in Bitcoin, Ethereum, as well as four other cryptocurrencies, over the next few months.
- It plans to extend the option to all U.S. and European customers later this year.
Farfetch, operates an online marketplace similar to Amazon.com Inc., with products from around 1,400 luxury brands including Burberry, Prada and Versace.
Luxury companies need to be “where the luxury customer is today and where they’ll be tomorrow,” Farfetch Chief Executive José Neves said.
Luxury retailers are trying to engage with a new generation of affluent consumers and some have identified cryptocurrency as a way of doing that. several luxury brands have said will be central to their growth efforts over the next few years.
- The pandemic significantly boosted luxury consumers’ use of digital channels.
- Farfetch posted revenues of $2.3 billion last year, a 35% increase on 2020.
Farfetch said it had already tested the use of cryptocurrencies in some physical stores—including Browns, a department store it owns in London—and offered to share its know-how with its brand partners.
The company, based in London and listed in New York, has ambitions to become the dominant online platform for luxury retail.