The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW ALBANY, United States — Abercrombie & Fitch is hoping millennials and Generation Z shoppers like purchasing hoodies and jeans with their Venmo accounts as much as they like buying pizza.
Starting Tuesday, shoppers using the retailer’s namesake and Hollister apps will be able to select the popular payment platform as an option when checking out. The company’s mobile apps are its fastest-growing digital channel, making them key to a revival at the youth clothing store, which saw sales rise last fiscal year after four annual declines.
Abercrombie joins a wave of retailers adding a Venmo option since the payments app opened its doors to merchants last year. Venmo has been a hot trend among young people who carry less cash and prefer quick online payments. The person-to-person money-transferring app, owned by PayPal Holdings Inc., processed more than $46 billion dollars in total payment volume in the 12 months through June 30.
By Hema Parmar with assistance from Julie Verhage; editor: Anne Riley Moffat, Lisa Wolfson
Related Articles:
[ Abercrombie & Fitch Draws on Legacy for New LookOpens in new window ]
[ Abercrombie & Fitch Tops Same-Store Sales EstimatesOpens in new window ]
Zero10 offers digital solutions through AR mirrors, leveraged in-store and in window displays, to brands like Tommy Hilfiger and Coach. Co-founder and CEO George Yashin discusses the latest advancements in AR and how fashion companies can leverage the technology to boost consumer experiences via retail touchpoints and brand experiences.
Four years ago, when the Trump administration threatened to ban TikTok in the US, its Chinese parent company ByteDance Ltd. worked out a preliminary deal to sell the short video app’s business. Not this time.
Brands are using them for design tasks, in their marketing, on their e-commerce sites and in augmented-reality experiences such as virtual try-on, with more applications still emerging.
Brands including LVMH’s Fred, TAG Heuer and Prada, whose lab-grown diamond supplier Snow speaks for the first time, have all unveiled products with man-made stones as they look to technology for new creative possibilities.