Gucci to start receiving cryptocurrencies

Gucci’s high-end handbags and other luxury goods can now be purchased in some U.S. stores with cryptocurrencies, including bitcoin, according to the Italian company, as digital currencies become more widely accepted.

Starting later this month, customers will be able to pay with cryptocurrencies at some of Gucci’s flagship stores, including Rodeo Drive in Los Angeles and Wooster Street in New York, the company said.

Gucci, which is owned by French group Kering SA, plans to expand the service to its directly operated stores in North America in the near future.

More and more companies are accepting virtual currencies, bringing into the mainstream an asset class that was shunned by major financial institutions just a few years ago.

Fashion brand Off-White, in which French luxury group LVMH acquired a majority stake last year, has begun accepting cryptocurrencies in its flagship stores in Milan, Paris and London, as reported by Vogue Business in March.

Gucci said Wednesday that it will accept several digital assets, including Ethereum, Dogecoin, Shiba Inu, Litecoin and some dollar-linked stablecoins.