The Italian luxury brand will accept more than ten cryptocurrencies, including Bitcoin, Ethereum and Shiba Inu in some of its US stores, with more pilot locations planned this summer.
Gucci will accept cryptocurrencies in five stores in New York, Los Angeles, Miami, Atlanta and Las Vegas from later this month. Customers will receive an email with a QR code to pay via their digital asset wallet, an app used to store their cryptocurrencies.
According to Vogue Business, Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Shiba Inu and five stable coins pegged to the US dollar will be accepted, as well as Dogecoin, the famous “meme” cryptocurrency originally created as a joke in 2013.
Retailers who accept cryptocurrencies can convert them into government-issued currency or keep them in the original form. The luxury fashion house plans to expand the new policy to other stores in the near future.
With blockchain becoming a major trend in the luxury industry, Gucci’s adoption of crypto is expected to boost its competitiveness in an increasingly digital business environment.
Besides retail stores, Gucci has high-end restaurants with celebrity chefs in its portfolio. In March, it opened an Osteria da Massimo Bottura restaurant in Seoul, Korea, marking the luxury brand’s third location outside of Italy following Beverly Hills, Los Angeles and Tokyo.
.@Gucci will accept cryptocurrency payments in some US stores at the end of this month, and plans to extend the pilot to all of its directly operated North America stores this summer. https://t.co/HDGyp2G2hJ
— Vogue Business (@voguebusiness) May 4, 2022
