German fashion designer Philipp Plein forecasted that crypto payments could generate up to $21 million of his company’s revenue for 2022.
Renowned fashion designer – Philipp Plein – predicted that more clients will employ cryptocurrencies when purchasing the company’s products this year. He envisioned digital assets to account for between $15.8 million to $21 million of the firm’s 2022 revenue.
Crypto to Become a Key Player at Philipp Plein
One of the leading fashion companies in Europe – Philipp Plein International AG – jumped into the world of crypto last year by enabling its customers to pay for clothes, shoes, and other products in 15 digital assets. The two leading ones – Bitcoin (BTC) and Ether (ETH) – were among the supported ones.
In a recent interview, the founder of the firm – Philipp Plein – revealed that such settlements accounted for around 3% of the organization’s $105 million online revenue in 2021. He believes that the figures will surge this year, envisioning up to $21 million worth of crypto payments by the end of the ongoing 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 an outspoken supporter of the asset class and a HODLer. The CEO owns 170 BTC, worth approximately $6.6 million (at current prices). Last summer, he said he believes in the future of crypto, raising hopes that it could generate further profits for his company and create more opportunities for clients.
PacSun Embraced Crypto, too
Another major brand in the fashion industry to accept digital asset payments last year was PacSun. The American company partnered with BitPay to allow settlements with Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Wrapped Bitcoin (WBTC), Litecoin (LTC), Dogecoin (DOGE), and 5 USD-pegged stablecoins. Commenting on the move was the President of PacSun – Brieane Olson:
“With digital sales doubling since last year, we understand the continued importance of creating an exceptional online shopping experience for our customers.”
It is worth noting that the brand is designed for teens and young adults. Co-CEO Michael Relich pointed out that cryptocurrencies are especially popular among the younger generations, which justifies PacSun’s move:
“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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