The brand announced that it will accept crypto payments at a specific store, and partner with Poolsuite to release a co-branded NFT collection.
American fashion brand Ralph Lauren is set to accept payments in cryptocurrency at its new location in Miami’s Design District. The new Ralph Lauren Miami location will be the retailer’s first location to accept crypto.
Ralph Lauren announced via press release that the brand is working with payments service provider BitPay to allow customers to purchase goods using bitcoin (BTC), ether (ETH), and Polygon’s token, MATIC.
The retail brand is also collaborating with Web3 community Poolsuite to release a co-branded non-fungible token (NFT) for existing community members with an NFT from the Poolsuite NFT membership collection. With the co-branded NFT, members will gain exclusive access to a “special event”, and can dress up their “Leisurist” avatars with digital wearables from Ralph Lauren.
Ralph Lauren is in the process of planning an “immersive three-day experience” at a private estate located in North Miami, scheduled for the end of April. The experience will also be part of the crypto-friendly location’s opening.
“This store will be an opportunity for us as a brand to gather key insights as we continue to explore the space,” Ralph Lauren’s chief innovation and branding officer, David Lauren, said in an interview. Although relatively early in their roadmap, Lauren sees that the Web3 space presents “an exciting opportunity ahead across digital goods and virtual experiences.”
The brand has been making its mark on Web3 recently – releasing digital clothing collections for online gaming worlds Roblox and Fortnite. In doing so, Ralph Lauren’s CEO Patrice Louvet, hopes to connect the brand with younger consumers, including the metaverse in their strategy.
“There are a lot of parallels actually between the metaverse and Ralph’s vision because we are not a fashion company. We are in the dreams business,” he said, adding that the company was “experimenting” with NFTs.
Other fashion brands are also experimenting with Web3 and the metaverse – but the loudest have been in the luxury fashion space. Last month, luxury fashion company Gucci announced that it is partnering with Yuga Labs – the issuer of the infamous Bored Ape Yacht Club NFTs – to explore opportunities in Web3 fashion and entertainment.
