Off-White Luxury Brand Accepts Crypto Payments at All Flagship Stores
According to a report by Vogue Business, the design house would use an arbitrage mechanism developed by Berlin-based Lunu to support unpredictable cryptocurrency values.
Off-White, a luxury apparel company, has begun taking bitcoin purchases at its flagship locations in Paris, Milan, and London, according to Vogue Business.
Off-White, which produced an estimated $7 billion in sales last year, said that it would now accept bitcoin, ether, binance coin, XRP, tether, and Circle’s USDC in exchange for garments and accessories.
The business, created by the late Virgil Abloh, joins an expanding list of premium fashion firms that have embraced cryptocurrency, including timepiece Hublot and Italian streetwear label Philipp Plein. Acceptance of digital assets is another indication of rising interest among large companies, which is facilitated by an increasingly sophisticated payment infrastructure.
Off-White is apparently going to partner with Berlin-based payments company Lunu to handle digital payments and assist the fashion brand in stabilizing unpredictable pricing via a crypto-to-currency point-of-sale arbitrage system.
According to Lunu’s website, that mechanism, which is built on a pool of independent arbitrageurs, determines the market price for the crypto-to-fiat exchange, while system oracles monitor and verify transactions on third-party blockchains.
“This is another significant step in the brand’s evolution,” according to a corporate statement mentioned in the story. “The brand is looking to the future, incorporating Web 3.0 technology, and recognizing the wants and wishes of its ever-evolving client base.”
Off-customer White’s base is mostly composed of Generation Y or “Millennials” – people born between 1981 and 1996. Additionally, they are one of the industry’s biggest adapters.
The Milan-based brand, founded in 2012, is majority-owned by LVMH Mot Hennessy Louis Vuitton, which purchased a 60% share in the label last year. In August 2019, luxury retailer Farfetch acquired the brand’s parent business, New Guards Group, for $675 million.