Global Italian high-end luxury fashion house Gucci has concluded plans to accept cryptocurrency in five stores in the US later this month, the decision comes as the company continues to explore Web 3.
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According to a report by Vogue, Gucci also plans to amplify the pilot to all of its North American stores this summer that the leading luxury brand directly operates. In the beginning, Gucci will accept 12 cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Dogecoin Shiba Inu, as well as five stablecoins pegged to the US Dollar.
The first stores that will incorporate the new payment mode are – Wooster Street in New York, Rodeo Drive in Los Angeles, Miami Design District, Phipps Plaza in Atlanta, and The Shops at Crystals in Las Vegas.
The report also mentioned that in-store crypto payments will be carried out with a link sent via email to the customer. It will contain a QR code enabling them to execute the payment from their crypto wallet. The company will convert the digital asset into fiat currency, the report said.
With the latest move, Gucci joins the list of other high-end fashion labels, including Off-White, which has started accepting six cryptocurrencies in its flagship stores in Paris, Milan, and London. Earlier this week, the American luxury fitness company Equinox Group announced accepting crypto payments for its New York City-based clubs.