Cryptocurrency Payments Planned by Gucci Stores

15 August 2022: As per a news report, the luxury fashion house Gucci was said to be delving into crypto, with some of its U.S. stores set to accept cryptocurrency payments by the end of May. Gucci’s outlet stores in LA, Miami, Las Vegas and New York were mentioned as being amongst the locations where crypto will be accepted.

The report stated that customers opting for crypto payment will receive a link via email, containing a QR code that will then allow them to pay using their respective crypto wallets. Ten currencies will be accepted, of which five are stablecoins pegged to the US dollar. Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Shiba Inu and Dogecoin make up the rest of the list.

“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers,” Marco Bizzarri, Gucci President and CEO, is said to have conveyed to Vogue Business in a statement.

Gucci joins Off-White, another luxe fashion label and designer Philipp Plein, in accepting crypto within stores or online. But the Italian brand, which has been around for about 100 years, is no stranger to experimenting with technology. Gucci has already dipped its toes into the metaverse, gaming and NFTs and they even sold a digital version of an iconic Gucci bag on Roblox – for more than its physical rendition.