The crypto-rich: the new luxury fashion buyers

The crypto-rich are driving luxury sales in the US and unlike previous generations, many are spending large sums of money on fashion. 

On a recent ski trip, Meltem Demirors, a cryptocurrency investor and chief strategy officer at CoinShares, wore a full-body Fendi jumpsuit. However, it wasn’t her first choice. “The only reason I have the Fendi ski suit is because Prada doesn’t make one,” she said.

While there is no one style in the crypto community, many value fashion as a means of self-expression and are willing to spend on it. Of course, much of the industry is also young, newly wealthy and looking to pass on that success, often with luxury products.

It’s not just women who buy high-end clothing. Cooper Turley, a young crypto-billionaire and influential strategist in the space (who recently issued an apology for old racist and homophobic tweets), posted a post on Instagram fully dressed in Dior.

Miami has become a hub for the crypto-industry and as much as a quarter of luxury sales over the past year may have been driven by cryptocurrencies, said Flavio Cereda, an analyst at Jefferies. This has led to strong luxury growth in the US.

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