Luxury Off-Price Retailer Enhances Digital Offering With Buy Now, Pay Later Options - Just In Time For Gift-Giving Season
New York, NY (November 24, 2020) – Klarna, the leading global payments provider and shopping service, today announced that it has partnered with premier luxury-value destination Saks OFF 5TH to offer customers buy now, pay later solutions at checkout. US shoppers on Saksoff5th.com can now purchase their favorite designer brands with the added convenience and flexibility of splitting their purchases into four interest-free payments through Klarna.
“At Saks OFF 5TH, we continue to see great opportunity ahead with our digital business and are focused on identifying innovative ways to enhance our online experience for our customers,” said Paige Thomas, President & CEO, Saks OFF 5TH. “Our partnership with Klarna enables us to offer a more inclusive and convenient digital shopping environment, so our customers have easy access to the designer brands they love and trust with greater financial control.”
According to a recent study by Klarna, 79% of US shoppers surveyed said that mindful spending and budget-friendly strategies while shopping allow them to feel more confident in their financial future. With online shopping expected to surge this 2020 holiday season, both Klarna and Saks OFF 5TH have also seen an increased demand for seamless, innovative and immersive digital retail experiences with exciting online browsing options. Klarna’s 2020 Holiday Retail Report, which analyzed industry trends and key consumer insights leading up to the holidays, revealed that nearly 6 out of 10 shoppers expect the same level of customer service from retailers both in-store and online. With the omni experience top of mind, Saks OFF 5TH also intends to launch Klarna in-store in 2021.
“For years, Saks OFF 5TH has been a go-to destination for shoppers seeking memorable gifts and the best in luxury value,” said David Sykes, Head of US at Klarna. “Klarna’s suite of flexible payment options will further enhance the Saks OFF 5TH shopping experience to match the evolving interests and needs of US shoppers this holiday season and beyond.”
The companies have also seen an uptick in the number of shoppers seeking athleisure and casual wear. Recent data from the Klarna app, which allows consumers to shop from any online store, found that athleisure styles made up more than 90% of the top wish-listed items in the fashion category. Additional Klarna Wish List data from January through September revealed broader consumer demand for luxury footwear, athleisure, and self-care and personal wellness items. Recognizing this shift in customer style preferences, Saks OFF 5TH has evolved its offerings with new brand additions and enhanced athleisure assortment based on customer feedback.
Klarna is the global leader of buy now, pay later options and the future of shopping. With more than 90 million customers and over 200,000 retail partners worldwide, the Klarna e-commerce platform and shopping app provide consumers with flexibility and control, while creating a smoother way to shop and pay. Saks OFF 5TH is the latest merchant to join Klarna’s US retail partner network, which has grown rapidly in recent months with the addition of Macy’s, Etsy, HAUS LABORATORIES, Missguided, Backcountry.com, and others.
We make shopping smoooth. With Klarna, consumers can buy now and pay later, so they can get what they need today. Klarna’s offering to consumers and retailers includes payments, social shopping and personal finances. Over 200,000 merchants, including H&M, IKEA, Expedia Group, Samsung, ASOS, Peloton, Abercrombie & Fitch, Nike and AliExpress, have enabled Klarna’s innovative shopping experience online and in-store. Klarna is ranked number five on the 2020 CNBC Disruptor 50 list, is the most highly valued fintech in Europe with a valuation of $10.65 billion, and is one of the largest private fintechs globally. Klarna was founded in 2005, has over 3,500 employees and is active in 17 countries. For more information, visit klarna.com.
About Saks OFF 5TH
As part of the HBC brand portfolio, Saks OFF 5TH is a world-class destination for top designer brands at extraordinary value. The retailer’s 110 stores and e-commerce division, saksoff5th.com, combine the two great joys of shopping: the delight of discovering the best in luxury and the thrill of finding a deal. A modern shopping experience of carefully curated off-the-runway trends, exceptional service and savings on the biggest names in fashion, Saks OFF 5TH leads the market as the premier luxury-value destination.
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Michael McMullan/Jenna Metcalf