Gucci will accept cryptocurrency in stores

Luxury fashion house Gucci is delving into crypto, with some of its U.S. stores set to accept cryptocurrency payments by the end of May.

Gucci's outlet stores in LA, Miami, Las Vegas and New York are amongst the locations where crypto will be accepted. Customers opting for crypto payment will receive a link via email, containing a QR code that will then allow them to pay using their respective crypto wallets.

Ten currencies will be accepted, of which five are stablecoins pegged to the US dollar. Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Shiba Inu and Dogecoin make up the rest of the list.

“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers,” Marco Bizzarri, Gucci president and CEO, said in a statement to Vogue Business.

“Now that we are able to integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them.”

Gucci joins Off-White, another luxe fashion label, and designer Philipp Plein, in accepting crypto within stores or online.

But the Italian brand, which has been around for about 100 years, is no stranger to experimenting with technology. Gucci has already dipped its toes into the metaverse, gaming, and NFTs, and they even sold a digital version of an iconic Gucci bag on Roblox — for more than its physical rendition. Its embrace of crypto is an unsurprising move in a recent line of tech-focused strategies.