American apparel retailer Ralph Lauren is accepting crypto for the first time at its new store in Miami’s Design District.
The luxury brand is also offering a crypto-native experience — gifting NFTs via a multi-tiered partnership with online leisure community Poolsuite, which it described as “deeply rooted in the Miami lifestyle.”
Poolsuite is a vaporwave digital neighborhood centered around online radio, perhaps best known for Poolside.fm. It predates the rise of Web3 (launched in 2014), having sold NFT memberships for its “Internet Leisure Corporation” in Nov. 2021. It minted a secondary collection, “Grand Leisure,” almost one year later.
Poolsuite NFT holders have now been sent commemorative Ralph Lauren tokens, issued on Ethereum. The tokens can be used to register for tickets to a private party at a Miami estate hosted in late April. The NFTs have been distributed to more than 2,700 addresses.
Holders of Poolsuite’s Grand Leisure collection will also be able to update their “Leisurist” avatars using Ralph Lauren-inspired digital looks based on the retailer’s recent runway show in Los Angeles.
As for its other crypto moves, Ralph Lauren will accept bitcoin (BTC), ether (ETH), MATIC, apecoin and stablecoin USDC, starting with the new Miami store.
It’s unclear whether Ralph Lauren will actually see any of the crypto, though. BitPay can also convert crypto into fiat on behalf of the retailer. Blockworks has reached out to learn more.
Miami’s luxury market has been one of the fastest growing in the US, Vogue Business reported citing Morgan Stanley research. Ralph Lauren’s crypto-friendly store will feature exclusive handbags and accessories available only at that location.
Miami — also the home of NFT giant Yuga Labs — has become a popular destination for crypto enthusiasts. It’s now a hotspot for many of the industry’s events, including Bitcoin Miami.
