German brand Philipp Plein confirmed that it would be accepting payments in Crypto. With this announcement, Phillip Plein would be the first major luxury fashion group to embrace crypto.
In a statement, Philipp Plein said that the brand will accept 15 different forms of cryptocurrency, including Bitcoin and Ethereum. Digital currency is accepted for purchases in the group’s many bricks and mortar retail stores around the world and most importantly on the brand’s e-commerce platform www.plein.com.
PHILIPP PLEIN expects to see the strongest positive impact in this latter channel. In fact, Philipp Plein and his Group have constantly been at the forefront of investment and development in digital technology applied to the fashion industry.
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.”
It is one of the first global brands to create and develop an in-house e-commerce platform. PHILIPP PLEIN Group has turned e-commerce into its most lucrative channel. It is expected to reach a record turnover of 100 million Euros in 2021.
It partnered with crypto payments company Coinfy, which was recently acquired by crypto broker Voyager Digital for $84 million. Though, buyers will have to provide their know-your-customer (KYC) information if their orders exceed a total of 10,000 euros.
