📺 Stream EntrepreneurTV for Free 📺

Gucci announces that it will now accept payments in cryptocurrency The brand will begin operating a pilot program to accept ten different digital currencies later this month in the United States.

By Entrepreneur en Español

entrepreneur daily

This article was translated from our Spanish edition.

NurPhoto | Getty Images

For months the fashion industry has been experimenting to adapt to the new realities of the market: NFTs, metaverses and digital currencies. Gucci , the fashion company founded in 1921 by Guccio Gucci in Italian Tuscany, has decided to take an important step that could motivate other brands in the sector to do the same: it will now accept payments in cryptocurrencies .

According to a statement, some stores of the brand in the United States will begin to accept cryptocurrencies at the end of this month in a pilot program ; The cities that will participate in this pilot test are Los Angeles, New York, Miami, Atlanta and Las Vegas. At the end of the summer, all the brand's boutiques in the United States will accept payment in cryptocurrency. To make the payment, customers will receive a QR code by email that will allow them to access their digital wallets.

"Gucci has established itself as an early adopter of Web3 technologies, including blockchain, and crypto payments marks another step toward Gucci combining its existing physical presence with its emerging Web3 efforts," the company explained in its statement. Press release. Customers will be able to make payments using ten different cryptocurrencies including Bitcoin, Ethereum, Litecoin and Shiba Inu.

Marco Bizzarri , CEO and President of Gucci commented: "Gucci is always looking to embrace new technologies when they provide an enhanced experience for our customers. Now that we can integrate cryptocurrencies into our payment system, it is a natural evolution for those customers who wish to have this option."

Gucci has experimented with various new digital marketing strategies such as NFTs and the Gucci Grail , but had not taken the step to accept payment in cryptocurrency. His decision will certainly shock the entire industry and he joins Off-White, the LVMH brand founded by Virgil Abloh, which has been accepting cryptocurrency payment for a couple of weeks.

Entrepreneur en Español

Entrepreneur Staff

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Business News

Passengers Are Now Entitled to a Full Cash Refund for Canceled Flights, 'Significant' Delays

The U.S. Department of Transportation announced new rules for commercial passengers on Wednesday.


Franchising Is Not For Everyone. Explore These Lucrative Alternatives to Expand Your Business.

Not every business can be franchised, nor should it. While franchising can be the right growth vehicle for someone with an established brand and proven concept that's ripe for growth, there are other options available for business owners.

Business News

Elon Musk Tells Investors Cheaper Tesla Electric Cars Should Arrive Ahead of Schedule

On an earnings call, Musk told shareholders that Tesla could start producing new, affordable electric cars earlier than expected.

Science & Technology

10 Things CIOs are Prioritizing Today to Stay Ahead in 2024

The role of the CIO has become increasingly important as technology continues to shape the business world.


Younger Americans Don't Necessarily Want to Retire in Florida — and the 2 Affordable States at the Top of Their List Might Surprise You

Gen Z and millennials may be decades away from retirement, but some spots are already on their radar.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.