German luxury fashion house Philipp Plein, which is known for its flamboyant and garish style, has begun accepting a slew of digital assets in an apparent attempt to lure in the crypto nouveau riche following a recent bull run.
Those who want to splurge their crypto holdings on $6,500 sneakers now have an excellent opportunity to do so. Bitcoin, Ethereum, Dogecoin, Litecoin and Tether are among the supported cryptocurrencies.
It partnered with crypto payments company Coinfy, which was recently acquired by crypto broker Voyager Digital for $84 million.
Buyers will be required to provide their know-your-customer (KYC) information if their orders exceed a total of 10,000 euros.
The “king of bling” turns to crypto
Philipp Plein, the controversial designer behind one of the biggest fashion brands, recently took to Instagram to share the news with his 2.2 million followers and crown himself the “crypto king.”
Not exactly known for his humility, Plein emerged as the anti-hero of the fashion world with his in-your-face attitude and extravagant antics that tend to match his outfits.
Despite attracting plenty of rebuke for his rude behavior and tacky outfits, his polarizing fashion business ended up being a resounding success. The extensive list of celebrities who have worked with Plein includes Paris Hilton, Floyd Mayweather, Naomi Campbell and others.
The “king of bling” now claims that he is a cryptocurrency investor himself and, of course, he believes that crypto is the future.
While Philipp Plein is the first major luxury brand to accept cryptocurrencies, its much bigger competitor has already dipped its toes into the industry.
In May, Italian fashion behemoth Gucci started selling non-fungible tokens (NFTs) based on its spring collection.