Tailoring business Artefact London is now accepting LiteCoin, Bitcoin and Ethereum as payment options for its bespoke suits and other custom made garments, and says it is the world’s first tailor to do so.
Founder and entrepreneur Tatyana Kozhevnikova, a finalist in the FORBES 30 Under 30 Class of 2018 Arts & Culture Europe, said she made the decision to accept cryptocurrencies at the end of last year and has launched the service today (5 March).
“I made a decision that as long as cryptocurrency carries value that can be legitimately converted into GBP and EUR, Artefact London will accept it as a method of payment,” she said.
The idea was inspired by a conversation with a South African client, she said. While collecting a suit on a business trip to London he explained to Kozhevnikova that due to the instability of the banking and political systems, more and more Africans were diversifying into Bitcoins and other tokens.
Upon receiving a positive response to her question about whether the customer would prefer to pay in crytocurrency Kozhevnikova decided to test if payments in Bitcoin, LiteCoin & Ethereum would be of interest to wider audience, particularly to customers outside of the UK.
“People told me I am crazy. To which I say the idea of a single currency Euro seemed crazy to some people not long ago too. If there are customers that might find it convenient to use a ‘wallet’ to pay instead of a Visa Card – I don’t see why not give that option,” she said.
“I find the topic of tokens fascinating and am lucky to be in a position to test it for my own business. I am hoping that in the near future there will be sleek merchant solution applications to issue invoices and accept cryptocurrency payments,” Kozhevnikova added.
Artefact’s London studio is based at 75 Bond Street. The business blends technology with traditional tailoring craftsmanship storing customers’ patterns electronically and laser cutting garments according to a client’s body measurements. Its aim is to offer a bespoke garment at a reasonable price. Pricing for shirts starts at £160 while two-piece suits start at £850.