By Oliver Smith on Tuesday 10 September 2019
H&M also revealed that Klarna will be coming to 6 more of its markets in 2019.
UK shoppers at fashion chain H&M will be offered a new way to pay later this year.
If they’re members of H&M’s loyalty scheme they can opt to ‘Pay Later’ via Klarna, paying for goods up to 30 days later.
The news builds on H&M’s announcement reported on AltFi in June that Klarna’s payment option would be added to its US stories “for H&M members only, as H&M aims to create the world’s best customer loyalty programme.”
H&M and Klarna said the US and UK payment option will be managed through the fashion store’s smartphone app.
“Through the partnership with Klarna, we have developed an H&M-unique payment solution that offers our fans a truly modern shopping experience no matter where and how they choose to shop,” said Toni Galli, H&M’s Country Manager for UK and Ireland.
H&M’s relationship goes back to the $20m the Stockholm-based retailer paid for a stake of just under one per cent in the company last October.
The clothing retailer operates 48 online markets and runs more than 4,900 stores in 72 markets.
Klarna and H&M also announced today that the plan is to bring Klarna as a payment option to a total of 8 markets during 2019—including the already announced US and UK—with more markets to follow in 2020.
“We at Klarna are excited to now launch our leading Pay later offering together in the UK, enabling a unique shopping experience for consumers - instore and online.”