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 has come true by collaborating with payment service provider BitPay. This allowed users to choose major digital currencies, such as Bitcoin, Ethereum, stablecoins, etc., to pay for luxury goods.
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 Frederic Arnault said the company has paid attention to bitcoin since its inception and recent ups and downs in the crypto market have not changed its view of digital currencies as a transformative technology. He touted that the announcement was just the start 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 should be noted that Tag Heuer’s embrace of cryptocurrencies should come as no surprise since Arnault, son of billionaire LVMH chairman Bernard Arnault, is known for his favorable views on NFTs and Web3. The 27-year-old Tag Heuer boss personally owns NFT collections like Rtfkt’s Clone X PFP 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.”
Although Tag Heuer does not yet accept digital currencies in its physical stores, the company noted that this option may come in the future, but it is not a priority at this time.
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.
