Pacsun, a California-based retail clothing brand, has launched two new initiatives: PacDenim For A Better Tomorrow and Pacsun Bitcoin payment option.
Since its inception in 1980, Pacsun has had its shares of downfalls and resurrections. With the two new initiatives, the company seeks to reincarnate its image to attract a younger audience. The initiatives make Pacsun part of the two movements in the GenZ community: the sustainability movement and the crypto movement.
Under this initiative, Pacsun customers will use denim recycling bins in five Pacsun locations nationwide, including their flagship store in Los Angeles, to drop off old Denim. Customers Can return their used Denim jeans, which are at least 90% cotton. In return, customers can receive 10% off their next jeans purchase at Pacsun.
The company has also launched a dedicated landing page that features 100% sustainable products made with organic materials. The recent sustainability initiative comes after the brand’s gender-neutral clothing range, Colour Range.
The company intends to launch a broad marketing campaign across all social media channels, including Tik Tok, featuring its brand ambassadors to support the initiative online and in key flagship stores in Soho and DTLA.
According to Brie Olson, president at Pacsun: “As a brand dedicated to inspiring positive development with fashion, we firmly believe that small changes today will result in a better tomorrow. We are excited to introduce PacDenim For A Better Tomorrow as a continuation of our journey to a more sustainable future.”
According to Forbes, 27% of people aged between 18-34 prefer crypto over stocks. This makes up a substantial target audience for youth retailers like Pacsun, and hence, adopting crypto as an acceptable payment option seems the right step forward. On October, 5 Pacsun announced that it would be accepting cryptocurrency as payment through a leading Blockchain payment gateway, Bitpay. This is the first time a retailer has taken such an initiative.
The underlying technology sustaining this initiative is Bitpay, which is known to make crypto payments hassle-free. When you purchase on Pacsun, select the Pay with Bitpay option to initiate the payment process.
Next, select your crypto wallet.
Then, your cryptocurrency.
And scan the QR code to complete the transaction.
Through the Pacsun Bitcoin initiative, the company will accept 11 cryptocurrencies that include Bitcoin (BTC), Litecoin (LTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Wrapped Bitcoin (WBTC), and 5 USD-pegged coins DAI, USDS, USDP, BUSD, and GUSD.
You can use the following crypto wallets to make payments on Pacsun:
While it may seem like a step forward towards a future where crypto will be mainstream, Pacsun’s move to launch these two initiatives could only be a marketing strategy to increase brand relevance.
If we really think about it, the two initiatives contradict each other. While the PacDenim intends to save the planet by recycling old Denim Jeans, the Pacsun Bitcoin payment will add more burden to the environment as it takes a lot of energy and resources to mint cryptocurrency. It is unclear how the brand intends to support sustainability while promoting cryptocurrencies.
Following a series of bankruptcies, it makes sense for Pacsun to launch youth-oriented initiatives. But will these initiatives sustain themselves in the near future given the volatile nature of cryptocurrency and the environmental damage?
Big companies like Tesla banned crypto due to its contribution to climate change. But many fashion retailers and brands continue to promote NFTs and crypto in both NFT marketplaces and within gaming metaverses like Roblox.
So when they say they are trying to be sustainable, do they really mean it?
Earlier in June, Pacsun launched integrated experiences in Roblox. Roblox users could find Pacsun clothing items in the Roblox marketplace and create personalized avatars with customizations. The company also launched Livestream shopping on Tiktok.
Will the two new initiatives save the company from future bankruptcies? Only time will tell.