NYON, Switzerland–Swiss watchmaker Hublot has introduced a limited-edition timepiece that can only be purchased using Bitcoin.
The watch, made for Hublot’s Big Bang line, costs about $25,000, CEO Ricardo Guadalupe said at an event in Hong Kong, according to Bloomberg. It’s the world’s first major luxury brand to offer a product that can only be bought with Bitcoin, the report stated.
“The Swiss watch industry has been boosting online sales and moving marketing to social-media sites to keep up with younger consumers,” said Bloomberg News in its analysis. It added Hublot’s move is the latest example of LVMH brands wading through uncharted waters, following sister brand TAG Heuer’s full embrace of high technology with its $1,500 smartwatch.
“We can do something different,” Guadalupe told Bloomberg News, adding Hublot has been able to capture new customers this way. “We will give the possibility to buy all our watches with cryptocurrencies in the future by the end of next year, after offering a second exclusive series.”
According to Bloomberg, Hublot is partnering with Hong Kong-based digital-asset brokerage OSL, which will perform background and anti-money-laundering checks and handle payment services. Orders have already exceeded the limited run of 210 pieces, OSL CEO Wayne Trench said. The customers whose applications have been accepted will receive a purchase agreement at a predetermined Bitcoin strike date, with deliveries starting in January.