H&M customers will be able to shop now and pay later with a new payment option. According to a press release, the fast-fashion company aims to offer “a truly modern shopping experience” for customers that is flexible and convenient, no matter where and how they end up shopping at H&M. The company will partner with global payments partner Klarna to put the practice into play.
Members of H&M’s loyalty program will be able to shop now and pay later via the company’s app.
Stefan Vos, chief financial officer with H&M North America, said that shopping at their stores should be relevant, inspiring and convenient, and thoroughly modern.
Klarna’s CEO Sebastian Siemiatkowski agreed, saying that the partnership between his company and H&M represents a commitment to continuously developing better strategies for enhancing shopping experiences.
To access the new service, users can visit the company website, go to “My purchases – H&M and Klarna” on the member account page, select a purchase and then choose an option for how they’d like to pay. For pay later purchases, customers have 30 days to do so. They can also choose to pay now, snooze or slice their payment.
H&M is also testing out clothing rentals through their partnership with YCloset, a Chinese rental program. Like other clothing rental programs from companies like Bloomingdale’s and Banana Republic, the program would allow H&M clothing to be lent out for a monthly rate. The program was announced late last year with a three-month trial that would look into business model, customer demand, potential to scale and sustainability.
In other news, H&M took a majority stake in Sellpy, which positions the clothing retailer to expand even more worldwide.