LVMH-owned Swiss luxury brand Tag Heuer announced earlier this week that it will accept a total of twelve major cryptocurrencies plus five stablecoins as payment options on its US website. The globally renowned watchmaker had previously revealed that it would soon allow digital currency payments on all websites.
An Early Push into Web3
Tag Heuer’s latest adoption of digital currencies came into reality by collaborating with the payment service provider BitPay. It made it possible that users could choose major digital currencies, like Bitcoin, Ethereum, stabelcoins, 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 requirements on minimal spending.
Tag Heuer CEO Frédéric Arnault said the company had paid attention to Bitcoin since its birth and that the recent ups and downs of the crypto market did not change its view of digital currencies as a transformative technology. He touted that the announcement was just the beginning of the giant’s push into Web3:
“Tag Heuer would adopt what promises to be a globally integrated technology in the near future despite the fluctuations – one that will deeply transform our industry and beyond…This new crypto payment feature is just the beginning of many exciting projects for Tag Heuer in the Web3 universes.”
It’s worth noting that Tag Heuer’s adoption of cryptocurrencies should not come as a surprise since Arnault, son of billionaire LVMH chairman Bernard Arnault, is known for his favorable opinions on NFTs and Web3. The 27-years-old Tag Heuer boss personally owns NFT collections like Clone X PFP by Rtfkt through a collaboration with Takashi Murakami and an Invisible Friends by Markus Magnusson.
Luxury Fashion Industry Embraces Crypto
Italian high-end luxury fashion house Gucci announced earlier that it will accept digital currencies in a selection of US stores this month. The CEO said the pilot program was “a natural evolution for those customers who would like to have this option available to them.”
Though Tag Heuer does not accept digital currencies in its physical stores yet, the company noted that this option might arrive in the future, but it isn’t a priority for now.
Due to the exponential growth of NFTs in the past years, well-known luxury brands find stepping into the field as a critical strategy for their development. In February, Gucci developed a virtual concept store, dubbed “Gucci Vault,” for Gucci-themed NFTs on the Sandbox, and it was seen as its foray into the Metaverse.
Featured Image Courtesy of Loop-CN