Luxury fashion retailer FarFetch will start accepting crypto assets like Bitcoin, Ethereum and others on its marketplace in the coming months, says MarketWatch.
The online platform for luxury fashion will do this through its partnership with cryptocurrency payment infrastructure provider Lunu. Lunu will also provide point of sale terminals for in-store payments. In order to pay, users will have to scan a QR code with their phones.
According to the report, FarFetch will start with seven cryptocurrencies, including the aforementioned, and the service will be available for its high-end private clients. But all US, UK, and Europe customers will have access to the option later in the year.
Speaking on the development, FarFetch founder and CEO José Neves said, “This was a crucial step to test and learn, and we are excited to share our technical and service know-how with our community.”
“As a platform company, we are continually innovating to serve as the bridge for the luxury industry to new technologies and environments where the luxury customer is today and where they’ll be tomorrow,” he added.
Additionally, the company said the decision to accept cryptocurrencies came after testing the Lunu payment systems at Off-White flagship stores in Paris, Milan, and London.
Although LVMH owns a 60% stake in Off-white, New Guards Group operates the company. The Milan-based New Guards Group is a subsidiary of FarFetch. The test also included Browns, a FarFetch-owned luxury retailer.
FarFetch and Other Luxury Firms in Crypto
This move means that FarFetch has joined the elite of luxury fashion companies that have pivoted into crypto. Top fashion brands like Balenciaga, Continental Diamond, Tag Heuer, and Gucci have shown interest in the growing niche.
This is coming less than a day after Deloitte released a survey that shows that 75% of US merchants are preparing to accept crypto payments over the next two years. The survey showed the optimism among retailers and their view of crypto.
FarFetch is a British-Portuguese luxury fashion group listed on the New York stock exchange. With over a decade in existence, the company has a global reach and is worth over $3 billion.