The big designer brands and the big apparel brands have undergone a lot of losses during the pandemic in 2020. During the pandemic, the government of all the countries across the world had to call for lock down. It has become inevitable to call for a lockdown pan world to save the world from the unknown foe.
The bigger brands seem to be big but they too have hundreds of workers and laborers who actually produce the gaga designer products. During the lockdown earning and feeding the workers had also become difficult. You will be shocked to hear that about 80%-90% of the Gucci and the Louis Vuitton bags are still boarded unreleased.
You may not know some unknown facts about Louis Vuitton, the brand LV does not repeat designs. Each year they have a particular design after selling all the products of the year the bags and the products which are left unsold are burnt. They are so much so aware of the brand designs that they do not allow any of their employees to even take those extra bags.
Hence for such designers, it has been very difficult to survive in the past 3-5 months. Most of the people did not even have money to eat food. So there was automatically a slosh in the market price and demand for luxury bags.
Usually spending money on luxury bags used to be like an investment for many. But now people have realized that even if you want to sell out your bags during such pandemic time, you will not be able to do it. This is such a crucial time that people are not even bothered about what dress they have or not, all that one is concerned about is how get a job, how to earn money, and how to feed your family.
What are the Designers doing?
Having faced such a crisis in the past few months, the designers started to make another move. They know that during this time people have less cash in hand so theft can’t afford to buy luxury bags and such designer products using cash. Cash is required to buy the day to day essentials; hence the designers have started to accept payment in bitcoin.
A certain section of the fashion industry has been well aware and long introduced to bitcoin and other cryptocurrencies. So the designers are trying to move towards the digital payment of the customers, they are accepting payment through platforms like thebitcoincode.io.
Some veteran designers and people of the film industry believe that this is a good move made by the designers. This will also make it easy for the buyers to buy it. If we look at it from the buyer’s point of view then the buyers do need to buy the daily essentials and bitcoin has not been so popular that they would be able to buy groceries or medicines with bitcoin. Hence it would be an ideal idea to use bitcoin to buy some designer clothes and use traditional money for other purposes.
Some of the Fashion freaks and the Fashion fiestas have mentioned that anything that the entertainment industry does become a trend. So, if the film industry or the entertainment industry starts to use the bitcoins then soon it will be widely acknowledged in the globe.
There has already been the New York Fashion Week which had represented clothes designed with the bitcoin’s shapes and appearance. Bitcoin or any of the digital currency does not have any physical appearance but the image of the digital currency which has always been used by the crypto community has supposedly become the iconic image. The digital bitcoin looks so glorious digitally that the designer has tried to portray them on their dresses. This is actually a very courteous way to welcome and embrace cryptocurrency.