French Luxury Giant Balenciaga Rolls Out Crypto Payment Options

Following Gucci’s footsteps, French luxury fashion house Balenciaga has announced plans to accept crypto payments in selected U.S. stores and its online platform balenciaga.com.

The flagship stores in the U.S. will include branches at Rodeo Drive in Beverly Hills and Madison Avenue in New York. Later on, the option of crypto payment will be launched in other regions and e-commerce.

Per the announcement:

“The fashion house is still deciding what payment solutions provider it will use, but it will accept currencies like Bitcoin and Ethereum, to begin with, and other currencies will be added in due course.”

Balenciaga believed the volatility in the crypto market is not a cause for concern as the company aim at the long-term picture, given that fluctuations in a currency’s value are nothing new.

Balenciaga joins other luxury brands that have embraced crypto payments to maximize customer satisfaction rates.

Likewise, Gucci revealed plans to permit cryptocurrency payments by the end of this month based on its goal of adopting new technology. The luxury brand announced that it would welcome Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Shiba Inu, Dogecoin, and five dollar-pegged stablecoins.

TAG Heuer, a Swiss luxury watchmaker, also joined the crypto bandwagon last week after partnering with Bitpay. The collaboration enabled customers to purchase products using cryptocurrency payments. 

Despite the fluctuations, TAG Heuer adopted crypto because it promises to be a globally integrated technology in the near future. 

Luxury brands are going the extra mile of availing of crypto payments based on the flexibility rendered to build customer loyalty. Moreover, a sharp rise in luxury spenders using cryptocurrencies has emerged, with this trend spilling over to 2022 from last year.