Luxury brands warm to crypto payments
Partnering with Binance, Printemps becomes first European chain outlet to accept cryptocurrency
Upscale French luxury department store Printemps has made headlines as the first European chain outlet to accept cryptocurrency payments.
In recent weeks, Printemps announced its partnership with Binance, the world’s largest crypto exchange, and French financial tech company Lyzi to enable payments in Bitcoin, Ethereum, and other digital currencies at its stores in France. The move, coming as bitcoin experiences a surge, has caught the attention of other luxury brands and retailers.
“There have been quite a few calls—it’s generated interest,” said David Princay, President of Binance France, who confirmed that the company is in talks with other luxury labels about adopting cryptocurrency payments. This growing interest suggests that Printemps’ initiative could mark the beginning of a broader trend within the high-end market.
Some luxury shoppers are already embracing crypto for their high-end purchases. Take Eunice Wong, or “Eunicorn,” as an example. Just this year, she used crypto to buy a collection of luxury watches, including the Audemars Piguet Royal Oak model.
Previously, only a handful of luxury brands—like watchmakers Tag Heuer and Hublot, and fashion houses Balenciaga and Gucci—had explored crypto options. However, momentum is clearly shifting as more brands join the trend. Luxury lighter and pen maker S.T. Dupont, for example, told Reuters that it aims to accept cryptocurrency payments in two Paris stores before the holiday season.
The growing interest in cryptocurrency among luxury labels isn’t just fueled by Bitcoin’s recent breakthroughs but also stems from the sector’s largest slump in years. Facing these challenges, the industry is looking for new ways to attract younger, tech-savvy consumers. Crypto payments offer benefits such as privacy, cross-border convenience, and a modern shopping experience that resonates with these audiences.
Gregory Boutte, the Chief Client and Digital Officer at luxury giant Kering, stressed the importance of embracing emerging technologies to capture the attention of younger and Asian markets.
In another luxury market, cruise line Virgin Voyages recently entered the crypto space, allowing customers to use Bitcoin for its $120,000 annual pass, which offers a year's worth of unlimited cruises.
As cryptocurrency continues to grow, it may just be a matter of time before luxury brands fully embrace its potential. With innovation at the forefront, crypto is poised to reshape shopping, investing, and engagement with the wider market.
