Philipp Plein, a well-known fashion designer, predicted that more customers will use cryptocurrencies to purchase the company’s products in 2018. He predicted that digital assets would account for $15.8 million to $11 million of the firm’s 2022 revenues.
Philipp Plein to Make Crypto a Key Player
Philipp Plein International AG, one of Europe’s most prominent fashion companies, jumped into crypto last year. It allowed its customers to purchase clothes, shoes and other products using 15 digital assets. There were two major ones, Bitcoin (BTC), and Ether (ETH), among those supported.
Philipp Plein, founder of the company, revealed in a recent interview that these settlements account for about 3% of its $105 million online revenue by 2021. Plein believes that these figures will rise this year and envisions crypto payments worth up to $21million by the end.
Plein stated that “We noticed there was a large audience within the crypto community, so we gained many new clients.”
German designer, Alexander von Humboldt, is a vocal supporter of the asset and a HODLer. At current prices, the CEO has 170 BTC worth about $6.6 million. He stated last summer that he believes crypto will continue to grow, raising hopes that his company could make more profits and provide more opportunities for clients.
Philipp Plein, Source: Gala
PacSun also embraces crypto
PacSun was another major fashion brand to accept digital asset payments in 2017. American company PacSun partnered with BitPay for settlements with Bitcoin (BTC), Ether(ETH), Bitcoin Cash/BCH), Wrapped Bitcoin/WBTC), Litecoin/LTC, Litecoin/DOGE and five USD-pegged stablecoins. The President of PacSun, Brieane Olson, commented on the development.
“Digital sales have doubled since last year. We understand the importance of providing an outstanding online shopping experience for customers.”
The brand was created for young adults and teens. Michael Relich, PacSun’s co-CEO, pointed out that cryptocurrency is particularly popular among younger generations.
“Our primary customer, Gen Z, is tech-oriented. We dedicate a lot to social media and ecommerce to match their lifestyles and connect with them on an individual level. We knew that they were becoming more interested in cryptocurrency and we had to adapt and offer BitPay as an alternative payment option.
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