Ralph Lauren Miami Store to Accept Crypto Payments

The brand is also partnering with Web3 community Poolsuite to release a co-branded NFT collection.

AccessTimeIconApr 4, 2023 at 8:44 p.m. UTC
Updated Apr 4, 2023 at 9:23 p.m. UTC

American fashion brand Ralph Lauren will begin accepting cryptocurrency payments at its newly opened store in Miami's Design District, becoming the retailer's first location to do so.

According to a press release, the store is working with service provider BitPay to allow customers to purchase merchandise using bitcoin (BTC), ether (ETH) and Polygon's token, MATIC.

In addition, the brand is working with Web3 community Poolsuite to release a co-branded non-fungible token (NFT) that will be gifted to existing holders of the Poolsuite NFT membership collection. Members will gain exclusive access to a "special event" and be able to update their "Leisurist" avatars with digital Ralph Lauren wearables.

The brand is planning an immersive three-day experience at a private estate in North Miami at the end of April in conjunction with the store opening.

"This store will be an opportunity for us as a brand to gather key insights as we continue to explore the space," Ralph Lauren's chief innovation and branding officer, David Lauren, said in an interview with WWD. "We are in the early stages of our road map, but we see an exciting opportunity ahead across digital goods and virtual experiences to build upon our past touchpoints in the metaverse."

Ralph Lauren has recently been testing the waters of Web3 and released digital clothing collections with popular gaming worlds Roblox and Fortnite. The company's CEO, Patrice Louvet, said in January 2022 the company was actively seeking new ways to connect with younger consumers, including through metaverse activations. "There are a lot of parallels actually between the metaverse and Ralph’s vision because we are not a fashion company. We are in the dreams business," he said, adding that the company was "experimenting" with NFTs.

Edited by Toby Leah Bochan.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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 employees, including journalists, may receive options in the Bullish group as part of their compensation.

Rosie Perper

Rosie Perper was the Deputy Managing Editor for Web3 and Learn, focusing on the metaverse, NFTs, DAOs and emerging technology like VR/AR. She has previously worked across breaking news, global finance, tech, culture and business. She holds a small amount of BTC and ETH and several NFTs. Subscribe to her weekly newsletter, The Airdrop.