As the United Kingdom (UK) commemorates Queen Elizabeth II’s 70 years on the throne, many regard her as one of the most outstanding faces of the British monarchy. She has ruled longer than any other monarch in British history. During her 70 years of reign, the royal family has been integral in the shaping of the nation’s infrastructure. An affirmation of a solid and immovable relevance of the monarchy. Through her seven decades, we saw how Her Majesty guide the UK through its changing times but what did not change was her style. Being the most iconic figure of the UK, the Queen’s impeccable style required utmost attention.
From 2 June 2022, the kingdom will be celebrating the Queen’s Platinum Jubilee for four days. To commemorate the special occasion, the English whisky manufacturer Royal Salute has unveiled a limited edition, The Royal Salute Platinum Jubilee Edition. Deeply rooted in historical connectivity to the British monarchy, the first flagons of Royal Salute were created and gifted to the Queen on her coronation day in 1953. This time, the British whisky distiller curated The Platinum Jubilee Edition, which amalgamates traditionalism and modernity, inspired by the timeless style of Queen Elizabeth II. The special collection has taken a considered design, much like Her Majesty’s sophistication.
Royal Salute’s homage to the Queen was through the symbolism of the brooches that she was accorded throughout her reign in the UK. The seven iconic brooches designs have been engraved on seven different decanters and box designs, all of which reflect the colour palette of her famous wardrobe of styles and iconic looks. In further commendation of the brooches, they are made of 18-carat yellow gold, and platinum and laid with 70 diamonds — much likened to the royalty’s crown jewel. The unveiling of the Platinum Jubilee Edition whisky is essentially the considerate nature of details and the appreciation of finer things in life.
A total of 147 decanters were crafted from the hand-blown Dartington crystal making it a work of art just like the taste of the specially created blend. Due to the unique craftsmanship of the decanters, whisky lovers that would love to indulge in the set could add this to their prized collection. While Royal Salute has enjoyed a stellar reputation over the last decades for its unique blend, the rarity of whiskey found in the Platinum Jubilee is even more sought after. With no less than 21 years coupled with a blend of exquisite details, the S$195,000 price tag is well justified. It also adds a new dimension of taste that could easily be distinguished for whisky lovers — the range of notes include red apple, blackcurrant and toffee.
Image: Royal Salute
A befitting celebration of the Queen’s regality and considered disposition during her Platinum Jubilee, The Royal Salute Platinum Jubilee Edition is not only a simple homage to her reign but a nuanced affirmation of her role as the ultimate embodiment of British heritage and history. It is also a bottle of pride that anyone would want to add to their collection because there would only be one available for sale in Singapore.
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The Middle Eastern nation has gotten itself lost in grandiose real estate projects that have turned out to be barely profitable. Instead of progressing its economy by prioritising and banking on the traditional route — which is enticing for foreign investors, a path that is characterised by gradual industrialisation — Turkey has preferred to enrich the powerful construction sector that is itself financed by banks. This artificial monetary creation — artificial because it is based on an unproductive sector — nevertheless allowed the upper echelons of the public and executive administration to butter up their electoral base, to establish a business elite indebted to them, and finally to consolidate their power and influence over the Turkish state.
As always, the structural weakness in this kind of arrangement is that the country in question finances its investments with foreign capital by way of high interest rates. Such capital is very quick to take flight as soon as the cost of money falls, or when political instability manifests itself. The prosperity of the Turkish economy at the start of the 2000s was in fact due to its addiction to foreign capital that led to an overvaluation of its currency, the lira. Invested mainly in sectors of low growth like real estate and not enough in industrial activities that would have boosted the country’s productivity, this influx of liquidities created an enormous deficit on the balance of payments as it was not countered by an equivalent private and public rate of saving in the country.
Foreign investors grew wary of the country’s political precarity and the relative sterility of their investments, which in 2018 caused what is generally accepted in the jargon as a “sudden stop” — which happens when the infusion of foreign capital dries up and the tide goes out. From that point on, the Turkish central bank had to quickly up its interest rates to ensure that this outflux of liquidities from the country didn’t leave it in ruins, and to curb the high inflation rate due to the lira freefall. It’s at this moment that the Turkish president, Recep Tayyip Erdoğan publicly intervened in his country’s monetary policy for the first time by forcing rates downwards, on the basis of a theory (inspired by the American economist Irving Fisher) that claims that low interest rates can combat inflation.
How can Erdoğan be blamed when a whole fringe of economists insist that it’s high interest rates that cause inflation, and that deflation is the result of low interest rates? For this, they resort to Fisher’s formula that teaches that the sum of inflation and real interest rates together gives the nominal interest rate of an economy. The verdict of these naïve “neo-Fisherians” is that inflation will end up falling if the interest rate set by the central bank is kept under pressure for a long enough time. It is diametrically opposed to what is generally accepted and has been verified by the discipline over recent decades, which has clearly shown that interest rates staying low for too long is a fundamental cause of inflation and that it must be combatted with a tightening of monetary policy.
But this did nothing to stop Erdoğan from forging on and getting rid of all the central bankers and ministers who opposed him. The same group of people who tried to fight the inflationary spiral and collapse of the lira by raising interest rates in Turkey. Listening only to the voice of his master, the new head of the country’s central bank further lowered interest rates, which decimated its currency and caused inflation to explode, which is now at 75 per cent! Whether the neo-Fisherians are right or wrong is a technical debate. However, what is not a technical debate is an obvious point to identify: that hyperinflation pretty much always happens when the same person is pulling the levers of both monetary policy and the fiscal and budgetary policy.
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Even though vegan leather would solve the problem of sustainability in fashion, the world’s thirst for fashion hangs in the balance. Could big name brands and luxury goods consumers quench this thirst? A number of brands and even fashion weeks have gone fur-free in recent years, vegan leather could be the next step. A cost-effective way to produce leather materials, vegan leather could be produced in a short period of time compared to cow skin.
In the business world where time is money, brands are constantly on the lookout for alternatives to lower their cost and fill consumer demands concurrently — and in today’s age, there’s a need to be environmentally ethical. With vegan leather, the speed that takes them to produce could also tremendously speed up their profitability. In return, these profits could be used to invest in upgrading the technology as well, eventually improving the quality of luxury products.
However, many of these uber-luxury spenders often feel the need for the authenticity of the material used, to have that status which they already hold. The world has grounded genuine leather as a material that is of excellent quality and has a high cost of production. Based on this belief, authentic leather takes the top spot of high status. Present-day, where vegan leather is a potential replacement for leather, many tend to lean towards the source of material instead of the brand’s craftsmanship and heritage.
In modern times, together with technological advances in the fashion world, it is always working towards a more sustainable functioning industry. Mushroom leather is the talk in recent times. Three years in the making, MycoWorks developed a way to process Mycelium, a network of fibre in fungus, in a way that is similar to traditional leather. This process forms an interlocking cellular structure which allegedly gives the material strength and durability paralleled to cow skin. Similar to traditional leather, it is waterproof and durable.
An additional feature that Mycelium has is that Mycoworks could customise the piece of mushroom leather to the personal liking of the brand including textures, shape and size. The possibilities that have opened up with this new alternative leather have recently drawn big labels in the fashion world.
Hermès has already been from the getgo, partnering with MycoWorks to manufacture their bags. This is a huge leap for a storied brand like Hermès, which have a long heritage of producing leather goods and reducing textile waste. The shift that could potentially help with this issue is that luxury fashion houses could adopt vegan leather in their products and still provide the luxury of their heritage in craftsmanship.
Apart from Stella McCartney, Adidas and LuluLemon, which have adopted mushroom leather in their products, Hermès could be the key player in the shift to alternative leather production. Stella McCartney in this aspect has held her brand as a sustainable brand without the use of animal skins and the use of vegan leather is a natural adoption, whereas a big name such as French Maison, Hermès could certainly be influential for a positive change towards luxury.
The adoption of vegan leather equips fashion Maisons with the ability to lead the way for newer technological advancements to reduce waste. Mushroom leather is 100 per cent biodegradable and uses less water to produce. A benefit that the fashion world could rely on.
In fact, the drive and desire for sustainable fashion could very much be the next industry standard of what high fashion might be if more brands start to adopt eco-friendly ways of production. What is sure is that vegan alternatives to animal skins and fibres are only getting more popular at the high end of fashion, it evidently paves the way for fashion to adopt a more environmentally responsible industry.
However, it begets the question if vegan leather will inevitably quench the thirst of a crowd who have already been primed to equate scarcity with luxury. The ease of production coupled with the lower purchasing cost might potentially turn away the uber-luxury buying group who use their material purchases as a form of status symbol.
In this case, the business has to weigh the importance of the needs of a niche group with the needs of Earth-loving people, and the wide profit margins of a scarce leather product versus the high volume of an affordable vegan leather product.
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The 100 Sunreef Power is the Polish builder’s largest powercat to date. Image: Sunreef Yachts
Sunreef Yachts’ continuing growth is evident to anyone visiting the company’s new shipyard, as illustrated by the number of recently launched boats in front of the buildings on the banks of the Martwa Wisla River. Our mission here was to try out the brand’s new flagship powercat, the 100 Power, which was delivered to her owner in January.
Since 2017, the year Sunreef launched its current range of power and sailing cats, the Gdansk builder has delivered over 40 models between 60-100ft including 10 powercats and is still also using its original site in the historic Gdansk Shipyard to keep up with demand.
The 100 Sunreef Power has a central hydraulic platform that links with the transoms. Image: Sunreef Yachts
The order book remains full, with many of Sunreef’s clientele coming from the monohull superyacht sector. The 100 Power is a new landmark in the brand’s irresistible ascent. Offering 5,400sqft of living space, equivalent to the social space found on a 130ft monohull motor yacht, the vast powercat is the biggest example so far of Sunreef’s ongoing journey into the world of superyachts.
Familiar Forms
At first glance, it might be difficult to distinguish this 94-footer from other models in the range, especially from a distance on the water. Understandably, the brand has retained its basic design DNA, although the T-top of the flybridge is set further aft compared to the 80 Power, for example.
However, the silhouette is similar in proportions, which translates into impressive volumes. Figures that illustrate the 100 Power’s scale include the towering 11ft 6in freeboard and the 44ft-plus beam, making it wider than the 40 Open Sunreef Power is long.
The huge cockpit has an aft sofa with a backrest that can fold down to make a large sunpad. Image: Sunreef Yachts
The familiar design with rounded corners is pleasing, even giving this enormous vessel a slightly sporty look. Hull one, Shimali, looks great with its anthracite hull, teak deck, black coachroof windows and copper-pink superstructure.
To reach the main deck, it’s nine steps up from the wide transoms. The central hydraulic platform can carry more than 1,300kg and Shimali’s 18ft colour-coordinated dinghy is a notable feature. A concealed garage, below the aft sunpad, can accommodate a pair of three-seater jet-skis, a refuelling station and various water toys, deploying them when the garage floor lowers to water level.
Space is Luxury
On deck, the aft cockpit and interior saloon combine to form a vast covered socialising area. The wide cockpit table is large enough to seat a dozen guests, while the sofa backrest can fold down to complete an enormous sunbathing area overlooking the sea. There’s also a daybed to port, while also worthy of note is a day head to starboard — a very useful inclusion on such a large yacht.
The enormous solid foredeck. Image: Sunreef Yachts
Huge side decks lead to the foredeck, a vast area where the yacht’s 44ft beam comes into play, offering two L-shaped sofas and tables in front of the saloon windscreen, as well as a large clear area with hatches in-between. Forward is an expansive sunpad, while the whole area can be beautifully lit at night by pop-up lamps.
From the aft cockpit, a starboard stairway leads to the flybridge, which is one of the yacht’s most remarkable social areas. Covering an enormous 915sqft, similar in scale to the entire saloon below, the flybridge starts with an uncovered aft area that’s dominated by a custom-built jacuzzi, which is flanked by sunbathing areas either side.
The flybridge has lots of space between the long bar to starboard, dining table to port and jacuzzi aft. Image: Sunreef Yachts
The area covered by the 645sqft hardtop is lined to starboard by a long bar with barbecue and tall stools, and to port by a long dining table for 10. In the middle is plenty of space to arrange sofas and chairs as you wish. The covered area can even be transformed into an outdoor cinema with a retractable projector and screen, and high-end audio system.
Forward, the central helm station sits between companion seating on both sides for those who want a skipper’s view through the wide windscreen. We had the opportunity to try the helm during a sea trial held in the bay of Gdansk in beautiful weather, although it’s worth noting there’s little ‘feel’ due to the electric control system, requiring you to consult the analogue rudder angle indicators. Yet if it’s acoustic comfort you’re looking for, you’re in the right place.
The upper helm has companion seating on both sides. Image: Sunreef Yachts
Like most Sunreef models, the 100 Power is built for long-distance cruising. With up to 28,000 litres of fuel on board, a speed of 9-10 knots will ensure 3,000nm-plus transatlantic range, while 7-8 knots will take you over 5,000nm, although the range drops to less than 1,000nm if you maintain the top speed of 17 knots.
Home From Home
On the main deck, the vast interior is separated into four distinct zones, starting with the main lounge to port and a huge custom-built bar to starboard. Forward are a professional galley cleverly separated by glass windows, and a portside gym with a treadmill overlooking the sea.
The saloon includes a lounge with facing sofas to port and a bar with high chairs to starboard. Image: Sunreef Yachts
Sunreef was a forerunner in the introduction of luxury on catamarans, so it’s interesting to see that the brand is further enhancing its expertise in custom décor.
In this instance, the specifications by the owners — who are using Shimali exclusively for private use — include a very traditional New England style decor, but with a touch of fantasy. When cruising, the owner wants to feel at home in the truest sense of the word. He even sent photos of the inside of his house so Sunreef’s interior design teams could reproduce his chosen style.
The décor and furniture are inspired by the owner’s home. Image: Sunreef Yachts
All the woodwork in matte white lacquered oak veneer and the light brown oak floor contrast with the rose quartz veneer of the bar and the gold brass trim. The furniture is classical: fir-green velvet Chesterfield sofas, Club chairs, and a pink silk carpet and fancy lighting add a touch of originality.
Beauty Sleep
The cabins have been designed in the same spirit, with Paris Metro-style tiles for the bathrooms. Accommodation in the port hull features a large owner’s suite with a stunning bathroom.
Located in the centre of the port hull, the master is one of five en-suite guest cabins. Image: Sunreef Yachts
Forward is another en-suite guest cabin with a window-facing double bed, while there are a further three en-suite guest cabins in the starboard hull. Each room includes individual air-conditioning and a TV, while headroom exceeds 7ft 3in throughout, offering an enormous feeling of space.
Sunreef provides an exclusive air-conditioning system to ensure a peaceful night’s sleep, with a very economical (350,000 BTU/hr) system powered by an oversized battery bank, meaning generators are not needed at night.
The master suite’s beautifully decorated bathroom. Image: Sunreef Yachts
Two large twin crew cabins are in the forepeaks, while aft in the port hull is a captain’s cabin with office space and a double bed. If the captain is part of a couple, the yacht can accommodate six crew to look after up to 10 guests.
Careful, Robust Construction
If you see these boats before they’re painted, the robustness of the construction is self-evident: bows, forefoot, hull bottoms, hatch surrounds and chines are all built in monolithic GRP. The thickness of the foam sandwich speaks for itself. Carbon cloth is used for reinforcement in high-stress areas such as the hull to nacelle connections or the structural bulkheads.
The U-shaped galley is forward of the bar. Image: Sunreef Yachts
The entire area of the nacelle is doubled by a lower compartment dedicated to the technical elements. This technical area is accessible via hatches in the foredeck, saloon galley and aft cockpit. It’s also possible to enter from the forward crew cabins and exit into the toy garage, as all the ‘basement rooms’ are linked by a passageway.
The battery bank, chargers and inverters, air-conditioning, laundry room and even cold-storage room are installed here, with the quality of the technical installations and finish particularly high. Beyond its intrinsic qualities — proven architecture, oceangoing range and exceptional space — the big appeal of the 100 Sunreef Power is the possibility of a fully customised layout and décor on all three decks.
Port of the galley is an area that can be used as a gym. Image: Sunreef Yachts
And like all the brand’s current models, it’s also available in an Eco version, with solar panels and custom-engineered batteries.
In its progression towards increasing size, luxury, customisation and sustainable options, Sunreef seems unstoppable, with the 100 Power its biggest statement so far.
What can a motor car provide, apart from getting you to places in style? Rolls-Royce has recently revealed a new exclusive Boat Tail model, at Concorso d’Eleganza, Villa d’Este 2022, on the shores of Lake Como in northern Italy. One would never have thought of it being real unless it is being witnessed in real life.
It features a generous hosting suite with the highest quality essentials for celebratory occasions and even alfresco dining. The unexpected function — one perhaps would need for a vacation drive or host a meeting in the open — the Boat Tail is far more than just a gorgeous car. It fully embodies personal touches of the owner, a blend of elevated functionality and personalised finesse.
Some of the interiors on the above-pictured bespoke Boat Tail involve handcrafting from the owner’s pearling business. It went through a specific selection of four pearl shells personally chosen from the client’s private collection. The pearls are what give the inspiration for the exterior bodywork colour and uniqueness.
The perfect colour combination of oyster and soft hues of rose, white and bronze mica flakes brings out the pearlescent nature in which it subtly changes elegantly when the light hits. Incorporated with pearling works, it definitely takes skill and detail-oriented craftsmen to construct the Boat Tail. This explains why it is one of the only three Boat Tails revealed this year, this is exclusivity at its finest.
One would have never considered a full hosting suite for the road, perhaps this is what an ideal luxury car should look and function like in today’s pursuit of opulence.
Rolls-Royce never fail to impress with these added functionalities. When it became apparent that several of these wealthy clients shared a taste in yachts, the Boat Tail design was hatched. The plan: bring luxury everywhere you go with the Rolls-Royce cars.
The Rolls-Royce Boat Tail might not be the most practical for the everyday drive, but perhaps avid car collectors would definitely want to add the coveted objet d’art with an understated performance at its core. The British marque has demonstrated that the sky is not the limit. In fact, they extended further than the limitations, pushing what cars could provide for a luxury lifestyle.
The following points offer a range of scenarios based on widespread sentiment among traders, journalists, and individuals who have skin in the crypto coin game.
In the business of flying, airline companies compete to put as many aeroplanes as possible in the sky because each take-off represents incoming revenues. To earn more money, these companies are purchasing new aircraft in a bid to secure more passengers on board and in the skies. But there is a limit to the number of new planes each company can buy as it is not a simple purchase. A new Airbus A350, which is a favourite amongst airlines like Qatar Airways, could cost a company at least US$350 million.
As a result of this constraint, airline companies are forced to look at other possible ways, which means targeting the jetliners’ speed. In other words, faster flights equate to more revenue. That was one of the reasons for the birth of the Concorde, the world’s fastest passenger-flying commercial aircraft, was to cut flight time significantly. A typical non-stop flight from London to New York is around eight hours, but the Concorde took only three hours. But at what cost?
One of the reasons for the Concorde’s failure is its high fuel consumption. Along with this comes along the environmental impacts such as excessive carbon emission. While it was not too much of a concern back in the days, society now expects companies to have a robust ESG (Environmental, Social and Governance) framework. To meet these requirements, companies are investing more in its R&D and the result is encouraging.
It is possible for a greener future in the aviation industry, and one of the steps to do so is encouraging the over to sustainable aviation fuel (SAF). Together with fuel companies like British Petroleum, aircraft manufacturers, including Bombardier have designed their latest models such that these jets are compatible with SAF. An impressive 80 per cent reduction in carbon emissions can be achieved if more jetliners make the switch.
Despite the reported benefits of using SAF, there are still the preconceived notions that sustainable products are purely functional. While that is the point of any sustainable product, or any product for that matter, the implications for SAF far outpace its functionality. It represents the new future of flying, where it is socially and environmentally responsible.
The new Bombardier Global 8000 epitomises this newfound venture. When the jet becomes operational in 2025, it will become the fastest business jet with a top speed of Mach 0.94 and a nautical range of 8,000 miles.
A statement put out by Bombardier says, “the aircraft, accompanied by a NASA F/A-18 chase plane, [repeatedly] achieved speeds in excess of Mach 1.015, a key step in enabling a maximum Mach operating speed (MMO) of M0.94 and becoming the fastest business jet in the world and the fastest in civil aviation since the Concorde. During the demonstration flight, the aircraft also became the first Transport Category airplane to fly supersonic with sustainable aviation fuel.”
With such a revolutionary move, Bombardier cements itself at the forefront of the aviation industry and the best in class in terms of adhering to market expectations like fulfilling ESG demands.
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Queue outside Louis Vuitton Maison Champs Élysées, Paris. Image: Melanie Pongratz/Unsplash
The internet age has brought about unparalleled convenience for human society. With a click of a mouse, you can place an order for the latest product and it will arrive at your doorsteps a few days later. During the height of the pandemic in 2020, demands for digital services exploded as lockdowns became the norm for the world.
Physical retail shops had to close as many governments ordered their citizens to remain at home. This cast a shadow on the utility of brick-and-mortar shops as many companies found new opportunities by ramping up its e-commerce capabilities to meet the increasing demand for such services. As a result, the familiarity with online shopping became more entrenched amongst shoppers and is now almost second nature.
With online shopping being a ubiquitous experience , could this spell the end of brick-and-mortar shop? Many luxury brands would still want to keep its physical stores because of the intangible experiences that can be created for its customers. Luxury in today’s sense is no longer just conspicuous consumption as many consumer products are now widely available for everyone.
Buying luxury goods as a status symbol is slowly becoming an outdated concept. The rise of a new generation of consumers who are more attuned to the context in which these goods are made or related to the zeitgeist has taken over as luxury brands’ leading spenders. For this group, curating an experience is paramount in keeping them loyal to the brand. Luxury brands are doing its best to make this a unique shopping experience and ensure this journey is as seamless as possible.
While a digital shopping experience can be an effortless process that can be done anywhere and everywhere, this has also stripped off the emotional aspect of the retail experience. Fundamentally, consumers shop to obtain their desired product but more than that, it can also be a way for them to understand more deeply the brands they choose to support. Hence, a physical store makes the best way in which luxury brands can introduce its universe to consumers.
An exquisitely crafted product, which is the amalgamation of the key pillars of traditional and aspirational types of luxury, matters less to younger consumers these days. In an era where information is in excess, people increasingly value time and space to enjoy unique or extraordinary moments instead of acquiring objects. With consumers seeing value in physical retail for the tactile experience, typically through its image and storytelling, what appeals in stores today is the brand itself.
An example of this storytelling, where the brand’s universe crosses paths with the real world is Louis Vuitton. The French Maison’s second store in Miami is a tribute to the house’s late designer Virgil Abloh, where his influence and vision fill the 3,586 square feet of space. Stepping into the physical space is akin to entering Abloh’s universe and joining a community where consumers can interact with the brand more closely. These bond-building efforts will pay off as consumers become devout brand fans in the long run.
The e-commerce industry appears to be outpacing brick-and-mortar, yet the latter continues to dominate in terms of actual trade. According to the US Department of Commerce Retail Indicators Division, sales at brick-and-mortar stores grew at 18.5 per cent compared to just 14.2 per cent for e-commerce.
Encouraging statistics like the above are why luxury brands believe physical stores are still an essential conduit in its omnichannel strategy. At the start of this year, Dior reopened its flagship at 30 Montaigne and Saint Laurent opened a new flagship in Seoul, South Korea last year.
Most recently, Chanel announced that it would be opening private boutiques starting next year to meet consumers’ demands for its product. CFO Philippe Bondiaux has shared that it will open these private boutiques for its top-tier clients beginning in early 2023 in key Asian cities. For the financial year 2021, Chanel’s earnings hit a high of US$15.6 billion, which is a 50 per cent jump year-on-year. Despite price hikes, inflations and limits on the number of its most popular items one can buy.
In keeping up with today’s consumption pattern where the value of the entire experience is what counts, e-commerce alone will not suffice as a holistic consumer journey. Luxury brands have to avoid becoming robotic and infusing the human touch where possible, and this means curating a personalised physical store experience. The end goal is simple: to create an unforgettable experience overflowing with engaging content and even adventure.
Whiskey is one of the most popular alcohols in the world, yet the definition of whiskey is confusing because there are so many different types of whiskey. Scotch, bourbon, Irish whiskey and Tennessee…
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Filson's Mackinaw Wool Foul Weather Hoodie uses heavyweight, 24-oz. Mackinaw Wool for insulation, breathability, and superior water repellency in cold, wet, and windy conditions.
Balenciaga made headlines with its recent resort show at the New York Stock Exchange, and it continues to stay plugged into conversations with its announcement that starting next month in June, customers can pay with Bitcoin and Ethereum.
The luxury fashion house joins labelmate Gucci in giving its approval for this nascent form of payment and reaffirms the conglomerate’s commitment to the digital world. Balenciaga will offer this payment method to its retail stores on Madison Avenue in New York and Rodeo Drive in Beverly Hills, Los Angeles.
For a long time, the volatility of cryptocurrencies has become an obstacle for business owners to embrace this new form of technology fully. Many are not keen on including or expanding into the digital world because of its uncertainty, but Balenciaga has disclosed that it is “thinking long term,” and temporary fluctuations are nothing new.
Bearing that in mind, the company believes that its venture will be fruitful in the future as the adoption of cryptocurrencies become more mainstream. More and more luxury companies have started to accept it, the most recent being TAG Heuer.
According to the Lyst Index, the first quarter of 2022 ended with Balenciaga taking the first position and it is not a surprise that it did. The fashion brand presented its showstopping runway presentation in an artificial snowstorm. It was a commentary on the ongoing conflict between Ukraine and Russia and the buzz it generated propelled the brand to the top.
Similarly, Balenciaga embracing crypto is how the brand plans to remain top of mind amongst shoppers who are spoilt with choices. Furthermore, this inclusion can enable the brand to connect with those who are crypto-rich and help to diversify its customer base.
The adoption of digital currencies has seen an uneven distribution where most industries other than the luxury industry have already started its acceptance. Most prominently, companies like Starbucks, Microsoft and Amazon have all added this payment option for their customers.
The luxury sector has been quite resistant to incorporating changes to its system. This was most prominently observed during the early days of the Covid-19 pandemic when most brands were not poised to make that digital shift. As a result, the industry suffered from a loss of revenue. Determined to seize the new opportunity, Balenciaga has started its journey into Web3, starting with its release of NFTs and metaverse pop-up. The addition of cryptocurrency only adds to complete its digital ecosystem.
Despite the so-called “crypto winter” that is currently happening, more and more brands across the luxury industry are putting digital currencies into its roster of payment methods. It won’t be long before other brands, big or small, start to follow suit shortly.
