Gucci is set to launch a pilot crypto program, which will initially begin in five of its US stores, at the end of this month. The Italian high-end luxury fashion house plans to extend the program to non-franchise North American shops by this summer.
Gucci, as per a report, will leverage an undisclosed service provider to pool Bitcoin price values from multiple crypto exchanges in real-time. It will try to determine the most accurate BTC amount with which to charge the customer. This hasn’t been explored until now.
Macro Bizzarri, Gucci’s president and CEO, said the company will embrace new technologies when they can provide an enhanced experience for their customers. He highlighted that Gucci is able to integrate cryptocurrencies within its payment system and it’s only a natural evolution for the customers who would like to have this option available.
The luxury fashion brand has joined other fashion retailers, including Off-White which is now accepting Bitcoin, Ripple, Binance Coin, Tether, and USD Coin as payment options and has begun testing out their own crypto pilot programs. Gucci is carrying its late founder Virgil Abloh’s vision forward. It also has plans for DAO and NFT in the works. Gucci’s parent company Kering, earlier in the week, introduced an in-house game that helps educate employees on non-fungible tokens and Web3. The Italian company also purchased digital real estate on The Sandbox.
Moreover, it became the first luxury brand to release an NFT, in June 2021, in the form of an art film valued at $25,000. Gucci, through its Discord channel, announced that owners of SuperGucci and GucciGrail would have special access to pre-order a Gucci collection before its release to the general public.