The recently established Ralph Lauren store in Miami’s Design District will be the brand’s first outlet to accept cryptocurrencies as payment.
According to a press release, merchandise may be bought at the store using bitcoin (BTC), ether (ETH), and Polygon’s MATIC token. The retailer is collaborating with service provider BitPay to make this possible.
Moreover, the company is collaborating with the Web3 community Poolsuite to create a co-branded non-fungible token (NFT), which will be given away to current owners of the Poolsuite NFT membership collection. Members can update their “Leisurist” avatars with digital Ralph Lauren items and receive exclusive access to a “special event.”
In connection with the store opening at the end of April, the brand is organizing an immersive three-day event at a private estate in North Miami.
In an interview with WWD, David Lauren, Chief Innovation and Branding Officer of Ralph Lauren, stated that the new store presents the brand with an opportunity to gather valuable insights as they venture further into the metaverse. Lauren emphasized that the company is in the early stages of its plan but sees significant potential in offering digital goods and virtual experiences that will build upon its previous touchpoints in the metaverse.
With the recent release of digital apparel lines for the well-known video games Roblox and Fortnite, Ralph Lauren has been exploring Web 3. In January 2022, Patrice Louvet, the company’s CEO, stated that the business was actively looking for new ways to interact with younger customers, particularly through metaverse activations.
Louvet expressed that there are many similarities between the company’s vision and the metaverse. He noted that the company is not merely a fashion company but also operates in the “dreams business.” Furthermore, Louvet confirmed that the company is currently experimenting with NFTs.