London Subsidiary of Top German Fashion Designer Becomes First To Accept BTC And ETH Payments

After accepting cryptocurrency purchases in his online stores last year, Philipp Plein, a well-known German fashion designer, attracted a large number of new customers. 

Mayfair Premium Apparel, a new luxury fashion boutique on Bond Street in London, opened with pomp and grandeur on Thursday. The new store is a subsidiary of Philipp Plein's fashion store, which is a prominent German designer. More crucially, the business claimed that its customers would be able to purchase using cryptos, since it accepts up to 20 different digital currencies, including Bitcoin and Ethereum.

This would be fantastic news for all of the store's consumers, particularly celebrities like Paris Hilton and Snoop Dogg. Plein stated that he anticipates crypto to account for roughly 5% of the store's purchases, which corresponds to the percentage of crypto sales on their online store.

Because of the volatility of the crypto market, Mr. Plein advised clients to check the QR codes on store products to confirm the coin pricing for each item. As a result, the prices will be updated every 10 minutes.

This is the first Philipp Plein store in London to accept cryptocurrency as a form of payment. If the pilot is a success, Plein aims to open 100 more stores where customers may pay with cryptocurrency to acquire designer items. Plein went ahead to say, “We chose London partly because the British authorities made a big statement about being a world leader in crypto, and it announced plans to mint its own NFT a few weeks ago.”

“Also, we want to test this crypto payment method in a prime location with an international audience. Besides being a huge financial hub, London is one of the top cities where the big boys reside.” Plein stated that connecting and completing crypto transactions from a customer's crypto wallet can take up to five minutes, which is significantly longer than completing the same transaction using cash, credit card, or Apple Pay.

Young buyers, on the other hand, would like this payment option because they are the largest group of crypto investors and consider it a part of their lifestyle. "The majority of these young people gain large sums of money quickly with cryptocurrency, but they also like to spend it quickly."

The Museum of NFT Art (MONA), which will include the new crypto monarch NFT, will be displayed on the store's third floor. "The fashion business will eventually transfer to the metaverse, and we are eager to pioneer this era," Plein said while addressing this metaverse-related physical art gallery. "We offer digital aspects a physical presence in our crypto-focused apparel boutique, the first in the world," he added.

Plein anticipates a boom in digital asset purchases this year.

Plein began accepting crypto payments in his boutiques in August 2021, and he estimates that this year's crypto transactions would total $20.9 million (20 million euros). Plein made his comments during a recent interview with Bloomberg TV, when he revealed that cryptos accounted for 3% of his 100 million Euro online business.

The predictions of the German fashion designer provide stores with insight into potential growth opportunities as cryptos become the favored payment option among the younger generations. Because of technological concerns and the volatile nature of the crypto market, many shops have shied away from taking cryptos.

Plein, on the other hand, found a solution to the problem, telling Bloomberg that the acceptance of crypto payments in his online stores resulted in "plenty of new clientele."