A Gucci store in New York. Gucci plans to expand the cryptocurrency payment service to its directly operated North America stores in the near future. Photo: Bloomberg
A Gucci store in New York. Gucci plans to expand the cryptocurrency payment service to its directly operated North America stores in the near future. Photo: Bloomberg
A Gucci store in New York. Gucci plans to expand the cryptocurrency payment service to its directly operated North America stores in the near future. Photo: Bloomberg
A Gucci store in New York. Gucci plans to expand the cryptocurrency payment service to its directly operated North America stores in the near future. Photo: Bloomberg

Gucci allows customers to pay with cryptocurrencies in some US stores


Deepthi Nair
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Customers can now purchase Gucci’s high-end handbags and other luxury products in some US stores using cryptocurrencies, including Bitcoin, the Italian fashion house said, as digital currencies increasingly gain mainstream acceptance.

Starting later this month, customers can pay with digital tokens at some of Gucci’s flagship stores, including Rodeo Drive in Los Angeles and Wooster Street in New York, Miami Design District, Phipps Plaza in Atlanta and The Shops at Crystals in Las Vegas, according to a recent report by Vogue Business that cited Gucci.

Gucci plans to expand the service to its stores in North America in the near future, the report added.

“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers,” Marco Bizzarri, Gucci’s president and chief executive, said.

“Now that we are able to integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them.”

The cryptocurrency market has become popular among investors who have indicated an increasing acceptance for the digital assets to diversify their portfolio.

As of Thursday, cryptocurrencies’ market capitalisation is more than $1.79 trillion, according to CoinMarketCap. Bitcoin continues to be the largest, enjoying a market share of 41.96 per cent.

Bitcoin, the world’s first and most popular cryptocurrency, was trading at $39,453 on Thursday afternoon, up by 1.3 per cent in the past 24 hours, CoinMarketCap data showed. It hit a record high on November 9, blowing past $68,000, but has since lost its value.

Gucci said it would accept payments in more than 10 digital currencies, including Bitcoin, Bitcoin Cash, Ethereum, Dogecoin, Shiba Inu, Litecoin, and a few US dollar-pegged stablecoins.

Customers can make in-store cryptocurrency payments using a link sent to their email. The link will contain a QR code that allows them to execute the payment from their cryptocurrency wallet, Gucci said.

The Italian fashion house has already made strides in the digital world.

The company released a range of digital-only sneakers as non-fungible tokens (NFTs) in March last year. It teamed up with fashion-tech specialists Wanna for the range of augmented reality (AR) sneakers.

An NFT is a type of digital asset that is part of a blockchain and acts as a certificate of ownership for specific items. These items can be images, videos, music, gifs, even tweets and articles.

A digital version of Gucci’s Dionysus bag sold on Roblox’s platform for about $4,115. That was more than the price of the physical item.

“It is only a matter of time” before major fashion houses embrace NFTs, Gucci told Vogue Business in March last year.

The company auctioned a four-minute NFT video at Christie’s for $25,000.

Gucci recently built a Web3-focused team and has purchased and is developing digital real estate on The Sandbox, a blockchain-based real estate platform, according to Vogue Business.

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The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
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Europa League final

Who: Marseille v Atletico Madrid
Where: Parc OL, Lyon, France
When: Wednesday, 10.45pm kick off (UAE)
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THE BIO

Age: 30

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Seven tips from Emirates NBD

1. Never respond to e-mails, calls or messages asking for account, card or internet banking details

2. Never store a card PIN (personal identification number) in your mobile or in your wallet

3. Ensure online shopping websites are secure and verified before providing card details

4. Change passwords periodically as a precautionary measure

5. Never share authentication data such as passwords, card PINs and OTPs  (one-time passwords) with third parties

6. Track bank notifications regarding transaction discrepancies

7. Report lost or stolen debit and credit cards immediately

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Timeline

1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line

1962
250 GTO is unveiled

1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company

1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens

1976
First automatic Ferrari, the 400 Automatic, is made

1987
F40 launched

1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent

2002
The Enzo model is announced

2010
Ferrari World opens in Abu Dhabi

2011
First four-wheel drive Ferrari, the FF, is unveiled

2013
LaFerrari, the first Ferrari hybrid, arrives

2014
Fiat Chrysler announces the split of Ferrari from the parent company

2015
Ferrari launches on Wall Street

2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary

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Thursday    500.75 million (25.23m)

Friday         280.25m (14.12m)

Saturday     220.75m (11.21m)

Sunday       170.25m (8.58m)

Total            1.19bn (59.15m)

(Figures in millions, approximate)

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Updated: May 05, 2022, 10:25 AM