• Philipp Plein anticipates that company customers will make more cryptocurrency payments

  • Philipp Plein, a German fashion designer, said that cryptocurrency payments may earn up to $21 million in revenue for his company in 2022.

    Philipp Plein, a well-known fashion designer, predicts that more customers will use cryptocurrency to purchase the company’s products this year. He expected digital assets to account for $15.8 million to $21 million of the firm’s income in 2022.

    Crypto to Play a Major Role at Philipp Plein

    Philipp Plein International AG, one of Europe’s leading fashion companies, entered the crypto world last year by allowing customers to pay for clothes, shoes, and other products in 15 digital assets. The two most popular cryptocurrencies, Bitcoin (BTC) and Ether (ETH), were among those supported.

    In a recent interview, Philipp Plein, the firm’s founder, revealed that such settlements accounted for roughly 3% of the organization’s $105 million in online revenue in 2021. He believes that the figures will rise this year, with up to $21 million in crypto payments expected by the end of the current year.

    “We saw there was a big audience within the crypto community itself, so we gained a lot of new clients,” Plein stated.

    The German designer is a HODLer and an ardent promoter of the asset class. The CEO has 170 bitcoins, which are worth around $6.6 million (at current prices). He stated last summer that he believes in the future of cryptocurrency, raising hopes that it could generate additional earnings for his company and create new options for clients.

    PacSun has also embraced cryptocurrency.

    PacSun was another major fashion brand that accepted digital asset payments last year. The American firm collaborated with BitPay to enable settlements in Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Wrapped Bitcoin (WBTC), Litecoin (LTC), Dogecoin (DOGE), and 5 USD-pegged stablecoins. Brieane Olson, President of PacSun, commented on the move:

    “With digital sales doubling since last year, we understand the continued importance of creating an exceptional online shopping experience for our customers.”

    It is important to note that the brand is aimed towards teenagers and young adults. Co-CEO Michael Relich noted that cryptocurrencies are particularly popular among younger generations, which explains PacSun’s decision:

    “The Gen Z audience, our primary consumer, is very tech-oriented, and we dedicate a lot of our efforts towards social media and e-commerce to align with their lifestyles and resonate with them on a more personal level. Seeing their increasing desire towards cryptocurrency, it was clear that we needed to adjust and offer BitPay as another payment option.”

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