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Philipp Plein a Top German Fashion Designer gained massive new clients after adopting crypto payments in his online stores last year.
On Thursday, Mayfair Luxury fashion, a new luxury fashion store was opened on Bond Street, London, amidst pomp and pageantry. The new store is a subsidiary of the fashion store of leading German designer, Philipp Plein. More importantly, the store announced that its clientele could make their payments with cryptos as the store supports up to 20 digital currencies including Bitcoin and Ethereum.
This would be good news for all the store’s customers, especially its celebrity customers like Paris Hilton and Snoop Dogg. Plein remarked that he expects about 5% of the store’s purchases to be made with crypto, matching the percentage of crypto sales on their online store.
Mr. Plein added that customers should check the QR codes on the store products to confirm the crypto price for each item because of the volatility of the crypto market. Hence, they will be updating the prices every 10 minutes.
This new store is the first Philipp Plein store in London to trial the acceptance of crypto payment methods. If this trial is successful, Plein plans to roll out other stores in 100 locations where buyers can pay with crypto to purchase their fashion items. Plein further said, “We chose London partly because the British authorities made a big statement about being a world leader in crypto, and it announced plans to mint its own NFT a few weeks ago.”
“Also, we want to test this crypto payment method in a prime location with an international audience. Besides being a huge financial hub, London is one of the top cities where the big boys reside.” Plein remarked that it takes up to five minutes to connect and complete crypto transactions from the customer’s crypto wallet, which is more time than it takes to complete the same transaction using cash, credit card, or apple pay.
However, he added that young buyers would fancy this payment option since they are the largest group of investors in crypto and consider it a part of their lifestyle. “Most of these young guys make fast and huge amounts with crypto, but they also like to spend it fast.”
The third floor of the store will be used to display the Museum of NFT Art (MONA), including the new crypto king NFT. While discussing this metaverse-related physical art gallery, Plein remarked that “the fashion industry will eventually move to the metaverse, and we are excited to pioneer this era.” He also said, “we give digital elements a physical presence in our crypto-focused fashion store, the first globally.”
Plein expects digital asset purchases to surge this year
Plein started crypto payments in his stores in August 2021, and he predicts that purchases made with cryptos will rise to about $20.9M (20M euros) for this year. Plein made his remarks during a recent interview with Bloomberg TV, where he stated that 3% of his stores’ 100M Euros online revenue was through cryptos.
The German fashion designer’s predictions give retailers insights into growth opportunities for their businesses as cryptos become the most preferred payment method among the young generations. Many retailers have shied away from accepting cryptos because of technical issues and the volatility of the crypto market. However, Plein found a solution to this problem and excitedly told Bloomberg that his store gained “lots of new clients” following the adoption of crypto payments in his online stores.
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