Kate Middleton could soon be among shoppers being offered crypto cash back with LK Bennett poised to launch a Bitcoin rewards scheme.
The luxury fashion brand, which is a favourite of the Duchess of Cambridge, has announced a partnership with the open-banking payments platform Mode to provide customers with crypto rewards. LK Bennett’s customers will have the option to use Mode’s QR code based system to make cardless online payments and will accrue Bitcoin with every purchase.
Darren Topp, the chief executive of LK Bennett, said the company “is always looking for innovative solutions that provide our customers with more options to pay and cater to their evolving needs as modern, digital driven shoppers.”
Mode chief executive Ryan Moore commented: “LK Bennett has been a staple of Luxury British Fashion for over 30 years, which demonstrates Mode’s appeal to all sectors.
“I am delighted to announce our next partnership just 3 weeks after our ahead-of-schedule public launch with THG,” he added, referencing a recent partnership with THG which brought Bitcoin cashback to millions of UK customers across a portfolio of 31 brands.
The partnership is the latest step in Mode’s plan to make Bitcoin accessible to as many people as possible.
LK Bennett’s customers will get 10 per cent Bitcoin cashback on their first order and 5 per cent on further purchases with the reward capped at £10 per purchase.
It comes as both Mode and LK Bennett battle losses. While Mode has seen share price climb by 4.17 per cent today since news of the partnership broke it is down by a third this year to date.
Meanwhile, LK Bennett remains in administration having filed for insolvency in March 2019.