Coral Coast Clothing is to accept payments in cryptocurrency.
The Front Street outfit has partnered with GoCoin to allow customers to pay online and in-store, using bitcoin and other cryptocurrencies.
Coral Coast sells a range of luxury tailored menswear, including the new “Bitcoin” dress shirt that has been released to coincide with the acceptance of cryptocurrency.
Adam Petty, co-founder of the business with Sam Outerbridge, said: “Our experience in the finance world means we are continually developing our offering and we felt that the acceptance of cryptocurrencies was the next natural stage for us.”
The twosome launched the business after quitting their jobs in the island’s financial sector. They decided to tackle a design niche that they felt was lacking locally, the dress shirt, which led to the creation of a full product range including their take on Bermuda shorts.
Embedded in the business, the owners say, is a deep understanding of the changing consumer as their financial backgrounds led them to look for ways to better serve modern consumers. The pair also successfully graduated from the initial Ignite Bermuda cohort.
This dedication to keeping up with the ever-changing world of consumer fashion, the owners say, meant the company also reassessed their brand and as a result, relaunched a new identity — a refreshed, simplified creation to match a global audience appeal.
Mr Petty said: “Reassessing our brand and digital platforms has also helped us to position ourselves better for the future, by creating a more simplified customer experience and in turn helping to expand our reach not only in Bermuda, but further afield.”
The acceptance of cryptocurrency isn’t the first time the company has launched an island first, the owners say. In June, Coral Coast was the first men’s retailer in Bermuda to launch a sustainable swim trunk, made from recycled plastic bottles.
Mr Outerbridge said: “Being true to our local heritage and to the island is really important to us. Whilst we continue to target global expansion, we’re heavily connected to the island and it will always weave through our product designs and offering.”
He added: “Our swim trunks were a massive success and just one small way for us to give back to Bermuda, by increasing awareness while helping to clean up the reefs and natural surroundings at the same time.”
Coral Coast recently launched a digital campaign to encourage customers to “shop local” this Christmas, encouraging local residents to support local retailers.
Coral Coast is based at 15 Front Street, Hamilton. See www.coralcoastclothing.com</i>