Mayfair fashion store to become the first London store to accept crypto

Mayfair fashion store to become the first London store to accept crypto

Luxury fashion retailer Philipp Plein is set to open a store in London’s Mayfair on Thursday, with the unique option for customers to pay for their purchases in crypto.  

Last year, Phillip Plein claimed to be the first fashion brand to accept payment in both fiat and cryptocurrency in their bricks-and-mortar retail stores and online. Now, the german brand is taking their store to London. 

The fashion store will initially open as a pop-up, with plans to permanently open over five storeys on the iconic Bond street. As an early adopter of technology in the fashion world, Philipp Plein was one of the first fashion brands to develop an in-house e-commerce platform, as well as advocate for the use of cryptocurrencies.

The Bond street flagship store has revealed it will accept 20 of the leading cryptocurrencies, including Bitcoin and Ethereum, and expects around 5% of its sales to be paid in cryptocurrencies.

“We chose London first partly because the British government made a big statement about being a world leader in cryptocurrency and it announced plans to mint its own NFT (non-fungible-token) a few weeks ago.Also because London is a huge financial hub and one of the most important cities in the world. We got an opportunity to test it with an international audience in a prime location. If we want to play with the big boys we have to be here.”

In a press release last year, Phillip Plein set out the fashion brands intention to accept cryptocurrency as payment, noting:

“I believe that cryptocurrencies are the future and my team and I have made a major commitment in time and resources, performing all necessary system modifications to adopt this new type of currency,” 

At the same time, Phillip Plein shared his personal views on crypto and the future of digital currencies, via Twitter, noting the following:

“I am a crypto investor and I believe in the future of CRYPTO - this is why I decided to offer this payment method in my stores and online !!!! have fun guys and enjoy shooting CRYPTO COINS in our wallet - together we are making HISTORY”

With the UK recently laying out plans for London to become a ‘global hub’ for crypto, and city minister John Glen stating “the UK is open for business and open for crypto businesses”, it seems a fitting time for Philipp Plein to announce the launch of their crypto-forward flagship store in London.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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