Philipp Plein Group’s premier fashion brand accepts crypto in the world’s first

Philipp Plein Group will be the first major fashion brand to accept payments in cryptocurrency both in retail stores and online.

The Swiss-based brand, named after a German designer, announced on Tuesday that it will accept 15 different digital currencies as payment for its products including major cryptos Bitcoin and Ethereum.

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The group said it expects the move to make the strongest positive impact in its online segment, adding that it expects its e-commerce platform to hit a record 100 million turnover this year.

I believe that cryptocurrencies are the future and my team and I have made a huge commitment of time and resources, doing all the necessary system modifications to adopt this new type of currency. “I am excited to be able to offer our customers this additional means of payment and the flexibility associated with it,” Plein said in a statement.

Pleins’ move follows the foray of other luxury fashion brands that have made their forays into the world of digital assets, blockchain and crypto.

British brand Burberry Group PLC has previously released a collection of non-fungible tokens (NFT) while Louis Vuitton owner LVMH has piloted an authentication service using blockchain technology.

Crypto markets were also firmer in early London trade on Friday, with Bitcoin up 5.3% in the last 24 hours at $40,921 while Ethereum jumped 3.5% to $2,770.