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Gucci jumps on the crypto bandwagon with US project
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Crypto for luxury: An employee arranges bags on Nov. 25, 2008 at a Gucci showroom in Mumbai, India. (Reuters/Arko Datta)
G
ucci's high-end handbags and other luxury products could now be bought using cryptocurrencies, including Bitcoin, in some United States stores, the Italian company said, as digital currencies move toward broader acceptance.
Starting later this month, customers can pay with crypto at some of Gucci's flagship stores, including those on Rodeo Drive in Los Angeles and Wooster Street in New York, the company said.
Gucci, owned by French luxury group Kering, plans to expand the service to its directly operated North American stores in the near future.
A growing number of companies have started to accept digital currencies, bringing an asset class shunned by major financial institutions until a few years ago closer to the mainstream.
Fashion label Off-White, in which French luxury group LVMH took a majority stake last year, has started accepting crypto at its London, Paris and Milan flagship stores, Vogue Business reported in March.
Gucci said on Wednesday it would accept multiple digital assets, including Ethereum, Dogecoin, Shiba Inu, Litecoin, and a few stablecoins, which are pegged to the US dollar.
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