Klarna, H&M bring their relationship to U.S.
H&M will enable Klarna as a payment option in its 580 U.S. stores beginning this fall, building on a partnership the two Swedish companies established last year.
Klarna’s “Shop Now, Pay Later” option will be integrated through H&M’s app for online and in-store purchases linked to H&M’s loyalty program, with a streamlined process for deliveries and returns, the companies said in a Thursday press release.
“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,” said Daniel Claesson, H&M Group’s head of business development, in the release.
“The future of retail is a high-touch experience across channels which will delight customers, drive value and build loyalty,” said Michael Rouse, Klarna’s chief commercial officer, in the release.
H&M and Klarna in October 2018 announced a global partnership to extend Klarna’s payment options to H&M stores and websites in 14 markets, beginning this year with Sweden and the U.K. H&M operates about 5,000 apparel stores in 70 markets.
As part of the partnership, H&M also invested $20 million in Klarna last fall, amounting to a less than 1% stake in the payments technology firm, H&M said last year.