Five Top Luxury Companies That Now Accept Cryptocurrency Payments

May 24, 2022 -

Luxury companies are just starting to accept cryptocurrencies. Gucci, for example, “will accept cryptocurrency payments in some US stores at the end of this month, and plans to extend the pilot to all of its directly operated North America stores this summer. The move marks a major validation for the currency from a leading luxury brand,” as noted by Vogue Business. “Gucci has established itself as an early adopter of Web3 technologies, which include blockchain, and crypto payments mark another step toward Gucci blending its existing physical presence with its emerging Web3 efforts.” Some of the top luxury retailers venturing into cryptocurrency payments, include Gaucho Group Holdings Inc. (NASDAQ: VINO) with the help of Coinbase Global (NASDAQ: COIN), Kering SA (OTC: PPRUY), LVMH Moet Hennessy Louis Vuitton (OTC: LVMUY), and Nordstrom Inc. (NYSE: JWN). Other luxury retailers, like Off-White just announced it started to accept payments, including Bitcoin, Ethereum, Binance Coin, Ripple, and stablecoins Tether and USD Coin. Even Philipp Plein is accepting Bitcoin payments.

Look at Gaucho Group Holdings Inc. (NASDAQ: VINO), For Example

Gaucho Group Holdings, Inc. (NASDAQ: VINO), a company that includes a growing collection of e-commerce platforms with a concentration on fine wines, luxury real estate, and leather goods & accessories, today announced its luxury leather goods and accessories brand Gaucho - Buenos Aires has integrated its e-commerce platform with web3 technologies and cryptocurrencies to accept coins such as (Bitcoin, Ethereum, USDC, and many more) through Coinbase Commerce, a platform of Coinbase Global, inc. (NASDAQ: COIN).

In 2021 Gaucho Group Holdings, Inc. completed its first lot sale through cryptocurrency for its luxury residential vineyard real estate project, Algodon Wine Estates. The company is also analyzing possibilities for growth in the Metaverse and DeFi (Decentralized Finance) into its Real Estate, Wine & Vineyard, hospitality, and retail operations.

With cryptocurrency comes blockchain – the transparent, digital ledger in which all cryptocurrency transactions are recorded. Blockchain offers Gaucho’s e-commerce brand benefits that may include potentially faster and more cost-effective business processes, as well as potentially greater data security. Tech moves fast in the digital age, and Gaucho believes that innovators and contrarians may lead the pack.

Gaucho Holdings believes we are living in an era where the early adoption of the right kind of tech can distinguish between success and obscurity. For crypto and blockchain technology in particular, early adopters who adjust to the new tech may have a hand in shaping the future, especially in e-commerce which is worth over $5.5 trillion worldwide, and growing.

“This a big step forward toward becoming a blockchain inclusive company,” said Scott Mathis, CEO & Chairman of Gaucho Group Holdings, Inc. “We endeavor to adapt our businesses to web3 technology as much as possible. Algodon Wine Estates already accepts cryptocurrencies to purchase lots, and now our e-commerce platform for Gaucho - Buenos Aires can as well. With this initiative, we hope to bring clear benefits for our customers, and to add value to our company while doing so.”

Other related developments from around the markets include:

Coinbase Global just reported, “The first quarter of 2022 continued a trend of both lower crypto asset prices and volatility that began in late 2021. These market conditions directly impacted our Q1 results. But, we entered these market conditions with foresight and preparation, and remain as excited as ever about the future of crypto. Q1 total Trading Volume was $309 billion, a decrease of 44% compared to Q4. Our total Trading Volume decline was consistent with the broader crypto spot market, which also declined 44% compared to Q4. On balance, we gained trading volume market share across 7 of the top 10 assets traded on our platform – including both BTC and ETH – largely driven by the strength of our institutional business. Retail Trading Volume was $74 billion, a decline of 58% compared to Q4. The sequential decline in Q1 was driven primarily by weaker crypto market conditions in Q1 compared to Q4.”

Kering SA just reported, “Pursuant to the Stock Repurchase Program announced on August 25, 2021, covering up to 2.0% of its share capital over a 24-month period, Kering has signed a new share buyback agreement with an investment service provider. As a reminder, the first tranche of this share repurchase program was completed on November 3, 2021. Between August 25 and November 3, 2021, 650,000 shares were repurchased at an average price of €643.70 per share, representing c. 0.5% of the share capital. 325,000 shares were canceled on December 10, 2021, pursuant to a decision by the Board of Directors at its meeting on December 9, 2021. The second tranche of this share repurchase program was then completed on April 6, 2022.”

LVMH Moet Hennessy Louis Vuitton just reported, “In accordance with its share buyback program, LVMH Moët Hennessy Louis Vuitton S.E. (LVMH) has entrusted an investment services provider with a mandate for the acquisition of its own shares, for a maximum amount of one billion euros and at most ten million shares, over a period beginning on May 17th, 2022, and ending on or before November 15th, 2022.”

Nordstrom Inc. announced that it will report its first quarter 2022 financial results after the close of the financial markets on Tuesday, May 24, 2022. The announcement will be followed by a conference call at 4:45 p.m. EDT, in which senior management will provide a business update and discuss the company's first quarter financial results along with the 2022 outlook.

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