Bitcoin is in style as Gucci is set to accept Bitcoin in stores located in the United States.
Gucci, the renowned luxury brand, embraces Bitcoin.
The Italian firm, founded in 1921, after more than a hundred years in the market, now enters the future and embraces Bitcoin as a means of payment.
Customers will now be able to pay with Bitcoin (and shitcoins) at selected locations spread across North America. The Gucci stores that will accept these payments are: Wooster Street in New York; Rodeo Drive in Los Angeles; and the Miami Design District in Florida.
Also, Phipps Plaza in Atlanta and The Shops at Crystals in Las Vegas.
If Successful Gucci Plans to Expand Bitcoin Payments
According to Gucci, if this new project is successful, the company will implement in all Gucci locations in North America. The novelty is that it will now accept payments from customers in a much easier way, compared to traditional fiat payments.
Other luxury brands accept Bitcoin in order to attract customers. . Off-White, founded by Virgil Abloh, announced earlier this year that it would accept bitcoin payments at stores in Milan, Paris, and London.
The decision to accept Bitcoin payments shows how luxury brands can appeal to younger generations of consumers by addressing emerging trends such as Bitcoin payments or creating outfits for digital characters.
In the last two years, the pandemic had a devastating impact on the luxury fashion industry, forcing brands to close shops and cancel shows. As a consequence, some brands had to rethink their future strategies and take a new direction.
Gucci is a rather politically correct company:
“At a time when large numbers of people are confined to their homes, we call on our friends and supporters in our global community, who share our values of social justice, diversity, equality, and freedom, to join us at Gucci and help raise funds to help alleviate the global COVID-19 pandemic,” the company announced.
The aim was to provide health workers with good equipment and also to raise funds for scientists working on a vaccine and treatments.
The initiative comes on top of parent company Gucci Kering’s donations to organizations fighting the coronavirus in China, Italy, and France and the creation of more than one million protective veils for healthcare workers.
In a letter introducing the initiative, Gucci creative director Alessandro Michele and Gucci president and CEO Marco Bizzarri commented: “This is a great opportunity for Gucci Kering to help the world’s most vulnerable and unprotected people.”
“The COVID-19 pandemic is forcing us to set unexpected tasks in motion, but it is a call to which we are responding with determination, championing the selfless work carried out by the health workers, doctors, and nurses who are on the front line every day in the fight against the COVID-19 pandemic, both in Italy and around the world.”
The fashion brand was recently hit by seizures in China, where the government is struggling to contain a resurgence of COVID-19.
With the new Bitcoin payment method, payments will be made through a link emailed to the customer.
Using the QR code, they can transact from their Bitcoin wallet.
Major luxury brands in the fashion market are accepting Bitcoin as a means of payment, which is seen as an important endorsement of the Bitcoin ecosystem.
As commented on Twitter by several users when the news was made public.
This decision to embrace Bitcoin is part of Gucci-owned Kering SA’s plans to innovate its shops.
Kering CEO François-Henri Pinault predicted this last February.
He said that other luxury brands, such as Gucci and Balenciaga, have teams working on projects related to the metaverse and web3.
It’s a step luxury brands are taking now, but giants like Microsoft, US telecommunications company AT&T and coffee chain Starbucks have already explored
The future of transactions is becoming more and more clear as companies begin to bet on this means of payment.
A few days ago, it was announced that the largest airline in the United Arab Emirates would start accepting Bitcoin payments.
In El Salvador over 20% of merchants are accepting Bitcoin due to the legal tender law.
McDonald’s, BurgerKing, Wendy’s, PizzaHut, KFC, TacoBell all accept Bitcoin and Lightning.