Italian luxury fashion label Off White will now accept crypto payments for its high-end products. The announcement was made today by Vogue Business.
According to the announcement, Off White will accept Bitcoin, Ethereum, Binance Coin, Ripple, and stablecoins Tether and USD Coin for its products. The crypto payments will have no pay limit but will be thoroughly fraud checked.
This progressive move will be adopted by Off White’s London, Paris and Milan flagship stores.
A statement from the brand reads, “This is another important step in the growth of the brand, that looks towards the future including Web 3.0 technologies, understanding the needs and desires of its ever evolving customer base”
Trading cryptocurrency for clothes could pose a risk for both buyers and the brand. For buyers, the resale value of the clothes could be much less than the crypto returns. For the brand, however, a bear market could decrease the value of the crypto assets substantially.
Off White has launched a special LUNU POS terminal to overcome this obstacle. The terminal finds the best fiat-to-crypto exchange rate at the time of transaction and is compatible with various crypto wallets that can simply scan a revealed QR code to settle the payment.
Refund of a product purchased with cryptocurrency will be traded exclusively for store credit, in the local currency.
Off White is the visionary Virgil Abloh’s magnum opus, and Off White’s team continues to carry on his legacy in true fashion. The new move comes in an effort to increase Gen Z participation and would have definitely received a nod from the late designer.
Many high-end luxury brands are entering the crypto world in an effort to appeal to the younger generation. Tommy Hilfiger recently participated in the opening of Metaverse Fashion Week on Decentraland. Consumers were able to explore and buy digital and physical clothes from the spring 2022 collection.