German brand Philipp Plein has confirmed that it will become the first major luxury fashion group to accept payment in cryptocurrency.
In a statement, Philipp Plein said that 15 different forms of cryptocurrency will be accepted, including Bitcoin and Ethereum. Consumers will be able to use the digital currency to pay for items in the group’s brick and mortar retail stores around the world, as well as on the brand’s e-commerce platform, Plein.com.
German designer and founder Philipp Plein said in a statement: “Being among the most progressive and disruptive fashion brands is nothing new for Philipp Plein.
“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 in order to adopt this new type of currency. I am very pleased to be able to offer to our customers this additional payment tool and the flexibility associated with it.”
Philipp Plein has turned e-commerce into its most lucrative channel and is expected to reach a record turnover of 100 million euros in 2021.