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February 21, 2024

Father, Son and House of Crypto: Gucci stores will accept crypto, so you can now use your Dogecoin to buy that $600 belt

Luxury fashion houses are getting ahead of the crypto curve.

What's the key learning?

  • Businesses need to keep drawing customers in as the cost of living rises.
  • Accepting crypto may help entice shoppers to keep spending.

๐Ÿ‘‰ Background: Gucci is a luxury fashion brand selling high end bags, clothes, shoes, and those GG belts worn by every influencer in the 2010s. If you didn't know it already, you probably know it now from that iconic Lady Gaga film.

๐Ÿ‘‰ What happened: The Gucci gang are big fans of Web 3.0. They've got two Gucci NFT projects and even a branded Discord. And now, some stores in the US are planning to accept payments in crypto.

๐Ÿ‘‰ What else: The view is to extend the pilot to all North American stores by their summer season. And this looks to be part of a wider trend of luxury fashion houses getting ahead of the crypto curve.

๐Ÿ”” What's the key learning?

๐Ÿ’ก As the cost of living rises and discretionary spending slows down... businesses are looking for new draw cards to attract customers.

๐Ÿ’ก When times are tough, often luxuries are the first to go. That's even more of an issue when luxury brands like Chanel, Louis Vuitton and Gucci tend to increase their prices at least once a year.

๐Ÿ’ก This might be challenging when people start to tighten their purse-strings... but, by offering new ways to pay, Gucci isn't just keeping up with the tech times, it might be enticing shoppers to spend in a different way.

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