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.
The Swedish buy-now, pay-later firm reported a record second quarter on Wednesday, Aug. 25, posting gross merchandise volume (GMV) of $20 billion, up from $12 billion in the same period last year.
Much of this growth was led by rising popularity in the US, where GMV in the first half of 2021 rose 311 percent year-over-year. As of June, 20 million Americans were using Klarna, up from 17 million just two months prior. With more than 250,000 retail partners worldwide, including the likes of Nike and Net-a-Porter, Klarna said a potential initial public offering is on the horizon.
In June, it raised $639 million in a round led by Softbank, valuing the company at $45.6 billion.
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The Future of ‘Buy Now, Pay Later’
Paying for purchases in instalments has quickly become ubiquitous online. But Klarna, Affirm and the other fintech players that dominate the space have loftier goals.
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.