H&M and Klarna extend partnership to the US
H&M and payments provider Klarna have today announced they are extending their partnership to take in the US market.
The global fashion giant it working with the disruptive Swedish fintech firm to provide frictionless and flexible payments, including Klarna's leading "Shop now, Pay Later" full product offering, both in-store and online.
The arrangement also includes a streamlined post-purchase experience for deliveries and returns. This will be managed through the next generation of the H&M app and H&M’s loyalty program, with the overall objective to create "an outstanding end-to-end shopping experience for fashion fans that is even more inspiring and relevant". The new feature is currently available for H&M members only.
Daniel Claesson, Head of Business Development at H&M Group, said: “Shopping at H&M should be convenient, relevant and inspiring and we are happy to soon offer fashion fans in selected markets a whole new way of paying their fashion finds. Klarna has helped us develop an H&M-unique payment solution that offers our fans a truly modern shopping experience no matter where and how they choose to shop.“
Michael Rouse, Chief Commercial Officer at Klarna, added: “The foundation of the Klarna and H&M partnership is a commitment to continuously develop smarter, simpler and engaging shopping experiences. The future of retail is a high touch experience across channels which will delight customers, drive value and build loyalty. Customers will not settle for average and neither will we. We at Klarna are excited by how this partnership with H&M continues to develop and to now together launch in the largest and most exciting retail markets in the world.”
The go live in the US is expected during the autumn 2019, and the first country to go live in accordance with already announced global partnership is Switzerland in August, followed by the UK shortly after. Another five markets will also go live throughout 2019.
H&M and Klarna announced their partnership last autumn and the retailer was reported to have invested $20m in Klarna as a result.