Luxury Brand Off-White Embraces Crypto Payments
Luxury brand Off-White has started accepting bitcoin, Ethereum, Binance Coin and Ripple payments at its stores in London, Paris and Milan, Vogue Business reported on Monday (April 4).
In addition, customers will also be able to use Tether and USD Coin stablecoins to purchase Off-White products, with no payout limit due to fraud check, according to the report.
“This is another important step in the growth of the brand, which looks to the future, including Web3 technologies, by understanding the needs and wants of its ever-changing customer base,” the company said. in a press release.
With this announcement, Off-White joins several clothing brands that are jumping into the crypto space. Last month, Reebok owner Authentic Brands said it had added non-fungible token (NFT) and cryptocurrency payments in a bid to bolster the sneaker company after its $2.5 billion purchase.
Read more: Authentic Brands wants to offer Reebok NFTs, Crypto Payments
The Vogue Business report argued the move was part of an ongoing effort by Off-White to continue founder Virgil Abloh’s embrace of youth culture, with the company airing its fall/winter 2022 show on TikTok. .
The report also noted the risk of crypto transactions for brands that don’t track exchange rates. To solve this problem, Off-White said it uses a LUNU point-of-sale (POS) terminal that finds the best currency-to-crypto exchange rate at the time of sale. Refunds on items purchased with cryptocurrency will only be issued with store credit and in local currency.
Last year, the French multinational LVMH acquired a majority stake in Off-White. And although this company has used blockchain technology to authenticate its products, the company’s CEO issued a cautious note about the metaverse earlier this year.
See more : LVMH chief ‘wary’ of metaverse bubbles but sees virtual worlds as ‘thought-provoking’
Bernard Arnault told an investor meeting that he saw the metaverse as a potential opportunity for LVMH, but added “we…have to beware of bubbles. We are truly in a down-to-earth world. We want real products sold for real…we are not interested in selling a pair of virtual sneakers for 10 euros.