Fashion retailer H&M and Swedish bank Klarna announced on Thursday that they have expanded their current partnership to include the US market.
H&M and Klarna are aiming to further integrate H&M’s digital and physical stores to provide a “seamless” shopping experience to consumers.
The partnership, which covers all H&M channels online and in-store, will provide smooth payments and include Klarna’s “Shop Now, Pay Later” scheme.
Klarna Bank, the Swedish fintech company founded in 2015, recently received an investment by the American singer, rapper, record producer, television personality, entrepreneur and actor, Snoop Dogg. He also promoted the business as part of a marketing campaign where he was renamed as “Smooth Dogg”.
Snoop Dogg’s investment firm, Casa Verde, has previously added cannabis companies to its portfolio.
Klarna took to Twitter to announce the growth of the partnership:
We @Klarna are excited to grow our partnership with @hm to the US! 🇺🇸🙌Together, we’ll develop an unrivalled shopping experience across touchpoints for consumers in one of the world’s most exciting retail markets! 🛍️🎉https://t.co/57U5QnoiRw pic.twitter.com/GPOpQeUfYO
— Klarna (@Klarna) June 27, 2019
https://platform.twitter.com/widgets.js
“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,” Daniel Claesson, Head of Business Development at H&M Group, commented on the announcement.
“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,” Michael Rouse, the Chief Commercial Officer at Klarna, added.
H&M also revealed on Thursday that it has experienced a bright start to the summer season as sales are estimated to rise for the month of June, sending shares up over 9%.
Shares in H&M Hennes & Mauritz AB (STO:HM-B) were trading at +9.42% as of 12:26 CEST Thursday.
