Europe's Philipp Plein first fashion group to accept cryptocurrency

Switzerland-headquartered Philipp Plein Group has become the world’s first major fashion group to accept payment in 15 different cryptocurrencies including Bitcoin and Ethereum. Digital currency is now being accepted for purchases in many of the group’s brick and mortar retail stores around the world as well as on the brand’s e-commerce platform.

It expects to see the strongest positive impact of the decision. German designer and founder Philipp Plein and his group have constantly been on the forefront of investment and development in digital technology applied to the fashion industry, the company said in a media release.

One of the first global brands to create and develop an inhouse e-commerce platform, Philipp Plein has turned e-commerce into its most lucrative channel and is expected to reach a record turnover of €100 million in 2021.

“I believe that cryptocurrencies are the future and my team and I have made a major commitment in time and resources, performing all necessary system modifications in order to adopt this new type of currency. I am very pleased to be able to offer to our customers this additional payment tool and the flexibility associated with it,” said Plein.