Luxury platform FARFETCH will accept cryptocurrency payments for all purchases on the FARFETCH Marketplace, with plans to expand to FARFETCH Private Clients in the coming months and to all customers in the U.S., UK and Europe by late 2022. FARFETCH conducted a successful cryptocurrency test at its Browns retail locations and select Off-White flagships in March 2022 using the global cryptocurrency platform Lunu, which provides both POS terminals for in-store transactions and an online widget. Lunu POS was used during FARFETCH’S crypto test at Browns Brook Street and Browns East, in addition to Off-White flagships in Paris, Milan and London.
FARFETCH customers can scan a QR code to access their cryptocurrency wallets and use more than 60 popular forms of crypto payments. The partnership will allow FARFETCH to share capabilities with brands on its platform and with those that would like to expand the service to retail locations.
According to The Wall Street Journal, luxury retailers are embracing cryptocurrency payments to remain relevant with the next generation of affluent consumers, noting that many shoppers under the age of 40 have invested in currencies such as Bitcoin, Ethereum and Binance Coin. Younger consumers are also engaging with brands through their metaverse presence, aligning virtual experiences with the need for cryptocurrency. In May 2022, Kering SA brands Gucci and Balenciaga revealed plans to begin accepting cryptocurrency, and LVMH’s Tag Heuer said it would accept cryptocurrency payments in the U.S.
“FARFETCH launched cryptocurrency payments in two very distinct environments — the mono-brand boutique, with Off-White, and the multi-brand boutique, with Browns,” said José Neves, Founder, Chairman and CEO of FARFETCH in a statement. “This was a crucial step to test and learn, and we are excited to share our technical and service know-how with our community. As a platform company, we are continually innovating to serve as the bridge for the luxury industry to new technologies and environments where the luxury customer is today, and where they’ll be tomorrow. With this move, we look forward to empowering our incredible boutique and brand partners to embrace cryptocurrency.”