Unifred Unifred 10.04.2023

Ralph Lauren Now Accepts Crypto at New Miami Store

NFT News are in full swing. Prominent fashion brand Ralph Lauren has started accepting crypto at its newly-opened store in Miami Design District. This is the brand’s first location to adopt this way of payment.  

According to a recent announcement, the American fashion brand has partnered with payments services provider BitPay to allow customers to make purchases using Bitcoin (BTC), Ether (ETH), Polygon (MATIC), and 12 other cryptocurrencies.

A brand new store will offer a mix of women’s and men’s apparel as well as unique handbags and accessories represented exclusively in the Miami location. 

The brand’s commitment to innovation and more interaction with customers can be seen even in the design of a new store. It’s made with a modern twist, leaning on digital aesthetics that results in installing screens for clients to browse the brand’s catalog and book styling appointments. 

In addition to accepting crypto payments, Ralph Lauren is providing customers with new ways to engage with its brand. This includes joining hands with the Web3 community Poolsuite to release a co-designed NFT collection that will be gifted to around 3,000 Poolsuite community members. 

These NFTs will grant access to an exclusive party at a private waterfront Miami estate that is part of a three-day immersive event scheduled to take place later in April. Influencers, customers, and Poolsuite x Ralph Lauren NFT holders will be treated with various Web3 activations to celebrate a new store opening. Aside from getting to the event, all holders of the Pool Suite NFT membership collection will be able to update their "Leisurist" avatars with digital Ralph Lauren outfits inspired by the brand's recent Los Angeles runway show. 

As enthused by Ralph Lauren's chief innovation and branding officer, David Lauren, the company’s latest Web3 initiatives are only a sign of much better things to come. He said in a statement:

"This store will be an opportunity for us as a brand to gather key insights as we continue to explore the space. We are in the early stages of our roadmap, but we see an exciting opportunity ahead across digital goods and virtual experiences to build upon our past touchpoints in the metaverse."

While the latest development marks the first time Ralph Lauren will be venturing into crypto payments, the brand has long pushed toward digital innovation as it looks to engage with customers through Web3 experiences. One of the brand’s metaverse-based endeavors was the collab with the online video game Fortnite on releasing a digital clothing collection.  

By venturing into Web3, Ralph Lauren is positioning itself as a leading brand open to innovation. The move keeps the company ahead of its rivals and may influence other fashion brands to go down a similar path.