Philipp Plein will become the first major fashion brand to accept cryptocurrency as payment.
Crypto payments will be accepted both in Philipp Plein bricks-and-mortar retail stores and online. The brand has partnered with Coinify, a crypto payments platform owned by Voyager Digital.
A few luxury and beauty brands, including watchmakers Hublot and Franck Muller, are accepting cryptocurrency for payment.
“I believe that cryptocurrencies are the future and my team and I have made a major commitment in time and resources, performing all necessary system modifications to adopt this new type of currency,” Plein said in a press release.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.