H&M, Klarna announce strategic partnership
H&M is forming a global payments partnership with Klarna and also making a $20 million investment in the company.
The team up will focus on frictionless in-store, mobile and online payments, simplified deliveries and returns and the flexible payment services like Pay later. All of these will be integrated into the next generation of the H&M app and H&M Club programme. This will be rolled out across 14 markets, with the UK and Sweden in the first phase, expected to go live in 2019.
Karl-Johan Persson, CEO at H&M group, says: “We are impressed with what Klarna has achieved to date and now we will work together to elevate the modern shopping experience. This strategic partnership between H&M group and Klarna is based on a joint relentless focus on creating great customer experiences.”
Daniel Claesson, Head of Business Development H&M group, says: “We want to make it possible for customers to move freely between the various channels and choose how they want to shop and experience our offering online and in-store. This partnership will bring tailormade payment solutions to our customers and accommodate evolving shopping patterns and needs. This includes the possibility to try before you buy which is very relevant to online fashion retail today and to pay with their mobile phone directly through the H&M app both in-store and online.”