Renowned fashion designer Philipp Plein predicted that this year more customers will use cryptocurrencies when purchasing the company’s products. He envisioned that digital assets would account for between $15.8 million and $21 million of the company’s revenue in 2022.
Crypto is becoming a major player at Philipp Plein
One of the leading fashion companies in Europe – Philipp Plein International AG – entered the world of crypto last year by enabling its customers to pay for clothes, shoes and other products in 15 digital assets. The top two – Bitcoin (BTC) and Ether (ETH) – were among the supported ones.
In a recent interview, the firm’s founder – Philipp Plein – revealed that such settlements accounted for around 3% of the organization’s $105 million online revenue in 2021. He believes the numbers will increase this year and sees it worth up to $21 million before crypto payments by the end of the current year.
“We’ve seen that there’s a large audience within the crypto community itself, so we’ve brought on a lot of new customers,” Plein said.
The German designer is an outspoken advocate for the asset class and a HODLer. The CEO owns 170 BTC worth about $6.6 million (at current prices). Last summer, he said he believes in crypto’s future, raising hopes that it could generate more profits for his company and create more opportunities for customers.
Philipp Plein, Source: Gala
PacSun has also embraced crypto
Another big brand in the fashion industry to accept payments for digital assets over the past year was PacSun. The American company has partnered with BitPay to enable settlements with Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Wrapped Bitcoin (WBTC), Litecoin (LTC), Dogecoin (DOGE) and USD 5-pegged stablecoins enable. PacSun President Brieane Olson commented on the move:
“With digital sales doubling since last year, we know how important it is to offer our customers an exceptional online shopping experience.”
It is worth noting that the brand is designed for teenagers and young adults. Co-CEO Michael Relich pointed out that cryptocurrencies are particularly popular among younger generations, justifying PacSun’s move:
“The Gen Z audience, our primary consumer, is very tech-savvy, and we are dedicating a lot of our efforts to social media and e-commerce to adapt them to their lifestyles and engage them on a more personal level. With their increasing desire for cryptocurrency, it was clear we had to adapt and add BitPay as another payment option.”
Featured image courtesy of Page Six
SPECIAL OFFER (sponsored)
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off Binance Futures fees for the first month (Terms).
PrimeXBT Special Offer: Use this link to register and enter the POTATO50 code to get up to $7,000 on top of your deposits.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers