German designer label Philipp Plein, known for its polarising outfits and gaudy style sense, is venturing into the crypto payments scene. On Tuesday, the brand announced that it would accept Bitcoin and Ethereum among 15 different forms of cryptocurrencies. Those who want to snag a pair of hi-top sneakers for $6,000 or the leather biker jacket for over $9,000 can shell out their digital asset holdings at the brand’s retail outlets and online store.
To offer cryptocurrency payment options to its clients, Philipp Plein has partnered with virtual currency platform Coinfy -- which was recently acquired by crypto broker Voyager Digital in an $84 million deal.
The designer label will offer its new service to interested shoppers across the world. However, customers will be expected to provide their know-your-customer (KYC) details for orders exceeding 10,000 euros.
With the addition of crypto payments, Philipp Plein is set to attract a new clientele that has raked in millions from the emergent asset class. In a press statement released on August 3, the group said that it targeting a turnover of100 million euros in the year 2021.
German designer Philipp Plein aka the “king of bling” is no stranger to the domain of digital assets. Plein took to Instagram recently to announce his group’s entry into the crypto domain and revealed that he has personally invested in virtual currencies. The designer said that he decided on cryptocurrency payments for his stores and online e-commerce platform because he believes that crypto is the future.
Although Philipp Plein is the first luxury label to publicly embrace private digital currencies, other brands in the fashion world are also making inroads in the crypto market. In April, Gucci, LVMH, and Prada came together to establish the blockchain platform Aura Consortium, which helps customers track the origin of their luxury goods.