Luxury Brand Off-White Accepts Crypto Payments Across Flagship Stores

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Luxury brand Off-White has begun accepting bitcoin and ether, among others, across its flagship stores Berlin-based payments provider Lunu will facilitate digital payments and help the fashion brand buoy volatile prices

Luxury fashion brand Off-White has begun accepting cryptocurrency payments across its flagship stores in Paris, Milan and London, Vogue Business reported Thursday.

Off-White, which generated an estimated $7 billion in revenue last year, said it was now taking bitcoin, ether, binance coin, XRP, tether and Circle’s USDC in exchange for clothing and apparel.

The major iconic brand, founded by the late Virgil Obloh, joins a growing list of luxury fashion brands as crypto adopters, including watchmaker Hublot and Italian streetwear Philipp Plein. The acceptance of digital assets is another sign of the growing appetite among major brands supported by increasingly sophisticated payments infrastructure.

Off-White will reportedly use Berlin-based payments provider Lunu to facilitate digital payments and help the fashion brand buoy volatile prices via a crypto-to-currency point-of-sales arbitration system.

That system, based on a pool of independent arbitrageurs, assigns the market price for the crypto-to-fiat exchange, while systems oracles monitor and verify the transactions in third-party blockchains, according to Lunu’s website.

“This is another important step in the growth of the brand that looks towards the future, including Web 3.0 technologies, understanding the needs and desires of its ever-evolving customer base,” according to a company statement as cited in the report.

Indeed, the majority of Off-White’s consumer base consists mainly of Gen-Y or “Millennials” — those born between 1981 and 1996. They also happen to be one of the crypto industry’s largest adopters.

The company, which was incorporated in Milan in 2012, is majority-owned by LVMH Moet Hennessy Louis Vuitton following a 60% stake in the label last year. The brand’s parent company, New Guards Group, was purchased by luxury marketplace Farfetch for a whopping $675 million in August 2019.

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Sebastian Sinclair

Blockworks

Senior Reporter, Asia News Desk

Sebastian Sinclair is a senior news reporter for Blockworks operating in South East Asia. He has experience covering the crypto market as well as certain developments affecting the industry including regulation, business and M&As. He currently holds no cryptocurrencies. Contact Sebastian via email at [email protected]

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