The French luxury house finally falls into the category of companies that accept payments in cryptocurrency.
This fashion house recently made a name for itself first with its new collection of ramshackle shoes titled Paris.
This collection has caused a lot of pure shock because the pieces of this collection are for sale at the price of 1000 euros on average.
Others have found this collection to be a stroke of genius and a huge marketing success.
Be that as it may, the brand has been able to make people talk about it.
Secondly, Balenciaga recently launched its collection with the famous sports brand Adidas. A collection that takes up my codes from both brands by mixing sport and luxury.
This capsule collection was shown to the general public during Balenciaga’s Spring 2023 show on the New York Stock Exchange.
Balenciaga launches into cryptocurrency
The Balenciaga house is modernizing by accepting payments in cryptocurrency.
This market, which is developing at breakneck speed, is attracting companies who are attracting new potential customers with this new method of payment.
It’s not the first luxury brand to do so. Gucci, Off White or Tag Heuer have already taken the plunge.
In order to ensure the proper functioning of this payment method, Balenciaga will introduce this type of payment in a few physical stores in the United States:
At its main stores located on Madison Avenue (in New York), and on Rodeo Drive (in Beverly Hills).
If the results are promising, the brand will install this technique in more and more countries. Payments in cryptocurrency will however be accepted on the brand’s online site.
The brand has opted for a gradual but sure adaptation. This innovation will be implemented in early June.
Luxury brands that have already installed this payment method
Balenciaga is not the only brand to test this new payment method in the United States, it is also what the famous watch brand Tag Heuer is doing.
The Swiss brand said it followed the evolution of Bitcoin very closely before entering the market. The brand belonging to the LVMH group accepts payments in bitcoin for a maximum amount of 10,000 euros.
This is also the case of the Italian luxury house Gucci.
From the end of May, customers of the brand will be able to pay in cryptocurrency in stores located in New York, Los Angeles, Miami, Atlanta and Las Vegas from the end of May.
According to the American news channel CNN, this innovation will be broadcast throughout the United States before the end of the summer.
Payment by cryptocurrency includes all categories: Bitcoin (BTC), Ethereum (ETH) as well as the 5 stable currencies linked to the USD (GUSD, USDC, USDP, DAI and BUSD).
But the brand also accepts payment by niche crypto-currencies, such as Dogecoin (DOGE) as well as Shiba Inu (SHIB).
Dogecoin started out as a joke, but its value skyrocketed after tech billionaire Elon Musk said the meme-based coin could be used to buy Tesla merchandise.
Hope for these luxury brands that this type of payment will prove efficient and beneficial for them in the future.
FAQs
When will payment in cryptocurrency be available at Balenciaga?
Cryptocurrency payment at Balenciaga will be available in early June in stores in New York and Los Angeles.
Which luxury brands have already signed up for cryptocurrency payment?
Luxury brands such as Tag Heuer, Gucci or Off-White.
