Gucci decided to enter in the Crypto and blockchain industry to accept payments in cryptocurrencies.
Gucci is an Italian high-end luxury fashion company house, which is based in Florence, Italy. Its product lines include handbags, ready-to-wear, footwear, and accessories. This company is not only a producer of products but also has a better reputation in terms of high-quality brand name globally, which makes its products very expensive.
On 4 May, Vogue Business reported that Gucci will start to accept payments in cryptocurrencies alongside the traditional payment options for its customers. This feature will be available for Gucci customers at limited stores, located in the US. In the initial phase of this plan, the company will allow it in some other North American stores this summer.
The top prior locations, where Gucci will accept digital assets payments in the rollout phase, are Wooster Street in New York, Rodeo Drive in Los Angeles, Miami Design District, Phipps Plaza in Atlanta, and The Shops at Crystals in Las Vegas.
The report noted that users will be required to scan the QR code via crypto wallets, sent by Gucci. It will accept payments in Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dogecoin, and Shiba Inu.
With this initiative, Gucci confirmed its entry into Web3 innovations. Earlier this, last year the company purchased virtual land in the Metaverse of TheSandbox. Reportedly, the company was developing to work on building a virtual “Gucci Vault” for Gucci-themed NFTs.
Marco Bizzarri, president and CEO of Gucci, stated that such initiatives by the company are an effort to provide a better user experience with the adoption of technology.
“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers.”
Gucci’s president also stated that the introduction of cryptocurrencies in Gucci’s payment system is a natural evolution, where customers will have an option to choose as per their needs.