Renowned fashion designer Philipp Plein believes that more and more customers will use cryptocurrencies to buy the company’s products this year.
He predicts that digital assets will bring in between $15.8 million and $21 million in revenue in 2022.
Philipp Plein International AG entered the cryptocurrency world last year by allowing customers to pay for clothes, shoes and other goods with 15 digital assets. Among the leading digital assets are bitcoin (BTC) and ether (ETH).
Such settlements accounted for about 3 percent of the organization’s $105 million in online revenue in 2021, according to the firm’s founder, Philip Plein. At the same time, the company gained many new customers.
The German designer himself became a supporter of cryptocurrencies last summer, now he owns 170 BTC worth about $ 6.6 million (at current prices).
Another major brand in the fashion industry that accepted payments for digital assets last year was PacSun. The U.S. company entered into an agreement with BitPay to add settlements in bitcoin (BTC), ether (ETH), Bitcoin Cash (BCH), Wrapped Bitcoin (WBTC), Litecoin (LTC), Dogecoin (DOGE) and 5 Stablecoin pegged to the U.S. dollar.
The brand is aimed at teens and young adults, so CEO Michael Relich is convinced that integrating cryptocurrencies is the right decision:
The Generation Z audience, our core consumer, is technology-driven, and we’re working hard on social media and e-commerce to fit their lifestyles and engage with them on a more personal level.