This revamped platform, known as MADE X PayPal and produced by IMG FOCUS, will provide much needed support to new and diverse designers, entrepreneurs, creators and retailers, according to the release.
Everything from fashion shows, retail drops, cultural conversations and performances will be provided through this collaboration to help emerging designers foster the next wave of fashion icons.
A recent PYMNTS data report indicated that in March, “17% of all travel purchases were made using PayPal and other digital wallets.” The report also noted that, “In comparison, PayPal and other digital wallets were only used in 3.6% or less of all other retail purchases.”
See also: Digital Economy Payments: How Consumers Pay In The Digital World
By partnering with an up-and coming fashion platform like IMG’s MADE, PayPal is expanding its reach to new consumers and exposing itself to a new market for payments — the fashion industry. According to the press release, PayPal hopes to elevate diverse designers and businesses while providing them with the tools they need to grow their brands through MADE.
“At this critical moment of recovery from the inequitable impacts of the pandemic, MADE x PayPal will contribute to empowering the next generation of diverse designers and building a more inclusive digital economy,” said Amanda Miller, vice president of corporate affairs at PayPal.
Last week, PayPal and Walmart jointly announced that PayPal’s current Chief Financial Officer (CFO) John Rainey is leaving the company to replace Walmart’s current CFO Brett Biggs, starting on June 6.
Related: PayPal’s John Rainey to Replace Brett Biggs as Walmart CFO
Walmart’s decision to hire an executive with Rainey’s PayPal experience will help address the retailer’s longstanding desire to build its FinTech and banking operations.
