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Luxury Brand Ralph Lauren Accepting Crypto Payments at Its Miami Store

US fashion brand Ralph Lauren has recently announced that it will accept crypto payments at its new store in Miami.

Ralph Lauren said customers can now pay via crypto at its new location in Miami Design District. The store has also been designated the luxury brand’s focal point for Web3 promotions. Bitcoin, Ethereum, and Polygon are among the fifteen cryptocurrencies accepted there thanks to a partnership with crypto payments service provider BitPay.

Moreover, the Miami storefront will serve as a focal point for Ralph Lauren’s Web3 push, hosting a series of innovative events throughout the year. The store’s design itself also leans into a more modern and digital aesthetic, with interactive screens that let users browse the brand’s catalog and book styling appointments.

New Ralph Lauren store in Miami Design District. Source: Ralph Lauren

In addition, the brand is working with Web3 community Poolsuite to release a co-branded NFT that will be gifted to existing holders of the Poolsuite NFT membership collection. Members will gain exclusive access to a "special event" and be able to update their "Leisurist" avatars with digital Ralph Lauren wearables.

The event called “Grand Leisure” will be one component of a three-day immersive experience at a waterfront private estate in Miami in late April. Over those three days, a number of Web3 activations will be hosted for influencers, customers, and Poolsuite x Ralph Lauren NFT holders to commemorate the Miami location’s opening.

Ralph Lauren has recently been testing the waters of Web3 and released digital clothing collections with popular gaming worlds Roblox and Fortnite. The company's CEO, Patrice Louvet, said in January 2022 the company was actively seeking new ways to connect with younger consumers, including through metaverse activations and NFTs. Ralph Lauren’s Web3 push arrives amid an ongoing bear market but established brands are actively seeking ways to impact customers via NFTs and other blockchain-based tools, just look at Gucci and the Otherside metaverse jewellery collaboration. We continue to observe.