LVMH-owned Swiss luxury brand Tag Heuer announced earlier this week that it would accept a total of twelve major cryptocurrencies and five stablecoins as payment options on its US website. The globally renowned watch maker had earlier revealed that it will soon allow digital currency payments on all websites.
An initial push in Web3
Tag Heuer’s latest adoption of digital currencies came true in collaboration with payment service provider Bitpay. This made it possible for users to choose from major digital currencies, such as bitcoin, ethereum, stablecoin, and more, to pay for luxury products.
The new payment route accepts Exodus Wallet, Ledger Wallet and many other crypto wallets and allows up to $10,000 per transaction with no need for a minimum spend.
Tag Heuer CEO Frédéric Arnault stated that the company has focused on bitcoin since its birth and that the recent volatility of the crypto market has not changed its approach to digital currencies as a transformational technology. He said the announcement was the beginning of Vishal’s push into Web3:
“Tag Heuer will promise to be a globally integrated technology in the near future despite the ups and downs – one that will profoundly transform our industry and beyond… This new crypto payments feature brings many exciting additions to Tag Heuer in Web3.” Projects are just the beginning of the universe.”
It is worth noting that Tag Heuer’s adoption of cryptocurrency should not come as a surprise as Arnault, son of billionaire LVMH chairman Bernard Arnault, is known for his favorable views on NFT and Web3. The 27-year-old Tag Heuer boss personally owns NFT collections such as the Clone X PFP by Rtfkt in collaboration with Takashi Murakami and Marcus Magnusson from An Invisible Friend.
The luxury fashion industry embraces crypto
Italian high-end luxury fashion house Gucci previously announced that it would accept digital currencies in select US stores this month. The CEO said the pilot program was “a natural development for customers who want to make this option available to them.”
Although Tag Heuer does not yet accept digital currencies in its physical stores, the company noted that while this option may come in the future, it is not a priority for now.
Due to the exponential growth of NFTs over the years, well-known luxury brands enter this space as a key strategy for their growth. In February, Gucci developed a virtual concept store called “Gucci Vault” for Gucci-themed NFTs on the sandbox, and this was seen as its entry into the metaverse.
Featured image courtesy of Loop-CN
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