Now, Gucci Will Accept Payments In Cryptocurrency

As cryptocurrencies move to broader acceptance, Italian luxury brand Gucci said it will accept payments in digital currencies in some of its stores in the US from the end of this month.

The maker of high-end handbags and other luxury products plans to extend the services to all its directly operated stores in North America this summer. The move reflects a major validation of cryptocurrencies by a leading fashion brand, Vogue Business reported.

On Wednesday, Gucci said it would accept payments in more than 10 digital currencies, including Bitcoin, Ethereum, Shiba Inu, Litecoin, Dogecoin and five stablecoins pegged to the US dollar. 

Customers can make in-store payments through a link sent to their email. The link will contain a QR code that will allow them to make the payment from their crypto wallets.

At point-of-sale terminals, crypto payments are usually done through a quick response or QR code or the NFC reader. The code can be read by the customer's smartphone and linked to the cryptocurrency app. The retailer can retain the payment in the form of cryptocurrency or convert it into fiat currency like the dollar.

Gucci said the service will be first rolled out in flagship outlets in Wooster Street in New York, Miami Design District, Rodeo Drive in Los Angeles, The Shops at Crystals in Las Vegas and Phipps Plaza in Atlanta. 

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

“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,” he added.

Gucci, owned by France's Kering, is the latest high-profile brand to test crypto payments.

In March, fashion label Off-White started accepting crypto payments in flagship stores in London, Paris and Milan. However, the luxury retailer only offers refunds as a store credit in local currency. Unlike Off-White, Gucci will offer returns for cryptocurrency purchases in cryptocurrency only.