Bitcoin’s meteoric rise, recently surpassing $107,000, has sparked renewed interest among luxury brands eager to tap into the growing wealth of crypto investors. High-end retailers and fashion houses are exploring cryptocurrency as a payment option, hoping to attract affluent, tech-savvy clientele while positioning themselves as innovative players in a competitive market.
In a significant move, French luxury department store Printemps partnered with Binance, the world’s largest crypto exchange, and financial tech company Lyzi to accept cryptocurrencies, including Bitcoin and Ethereum, across its stores in France. This makes Printemps the first European department store to integrate crypto payments, a development that has reportedly caught the attention of other luxury brands.
“There have been quite a few calls – it’s generated interest,” said David Princay, president of Binance France, confirming ongoing discussions with other high-end labels.
Expanding Crypto Payment Options
S.T. Dupont, the French luxury lighter and pen maker, plans to roll out cryptocurrency payments in its Paris stores ahead of the holiday season. Meanwhile, Virgin Voyages recently introduced its first crypto-accepted product—a $120,000 annual sailing pass for its cruise ships—offering another glimpse into the evolving adoption of digital currencies by the luxury industry.
Despite regulatory warnings about the risks and volatility associated with cryptocurrencies, the luxury market appears undeterred. Analysts at S&P Global Ratings noted that blockchain innovation is helping to reshape the narrative around crypto assets, increasing predictability and utility.
Innovative Strategies to Attract Younger Audiences
Luxury brands are also leveraging cryptocurrency to target younger demographics and tech-oriented clientele. Kering’s flagship label, Gucci, has accepted crypto payments since 2022, allowing purchases in ten different cryptocurrencies across the United States. Gregory Boutte, Kering’s chief client and digital officer, emphasized the company’s “test and learn” approach to technology, describing it as essential for engaging younger and Asian consumers.
Balenciaga, another Kering-owned brand, recently unveiled a leather card holder designed to accommodate Ledger’s Stax hardware, a crypto wallet. Priced at €350, the accessory reflects the brand’s effort to combine high-end fashion with cutting-edge technology.
Andrew O’Neill, digital assets lead analyst at S&P Global Ratings, said offering cryptocurrency payments serves as a branding tool, enabling companies to shed outdated perceptions and appeal to younger, crypto-savvy consumers. “It’s a way to say, ‘We’re innovative, not a stuffy old brand selling to boomers,’” O’Neill explained.
Luxury Goods as a Diversification Option
For crypto investors enjoying significant returns, high-end goods have become a popular means of diversifying wealth. Designer handbags, luxury watches, and other premium items are increasingly seen as practical investments.
Eunice Wong, a crypto investor and influencer, revealed she recently used digital assets to purchase multiple high-end watches, including an Audemars Piguet Royal Oak. However, Wong expressed a preference for secondary markets over traditional luxury retailers, citing the convenience of immediate access. “If I will buy, I’ll buy on the secondary market, not through them,” she said.
As Bitcoin continues its record-breaking rally, luxury brands remain poised to capitalize on the growing demand for crypto payment options, blending innovation with exclusivity to attract a new wave of affluent consumers.
