H&M joins forces with payment solutions firm Klarna to strengthen its omnichannel strategy
The Swedish retailer will introduce in 2019 a renovated version of the company’s app in fourteen markets worldwide. The agreement with Klarna, through which the group has become a minority stakeholder, included introducing a try before you buy service.
H&M strengthens its omnichannel approach. The Swedish retailer, second largest fashion distributor worldwide by revenues, has reached an agreement with payment solutions firm Klarna to move on with the integration of physical stores and ecommerce. As part of the deal, the group has become a minority stakeholder.
The Swedish company will launch in 2019 a renovated version of the H&M app and loyalty programme H&M Club, focusing on improving paying methods. The use of Klarna’s technological platform will also allow to simplify online orders’ shipping and returns, as well as introducing the try before you buy service, with which online customers could try on clothes before paying for them.
On a first stage, the agreement between H&M and Klarna will become effective on fourteen H&M markets worldwide, with the United Kingdom and Sweden as the first countries where the new services will become available.
H&M will introduce in fourteen markets worldwide the try before you buy service in 2019, starting with Sweden and the United Kingdom
H&M ended the first nine months of fiscal 2018 with a net profit of 9.11 billion Swedish crowns (879 million euros), a 25.3% decrease compared to the same period of 2017. Group revenues posted a 2.9% surge to 153.89 billion crowns (14.86 billion euros) between December 2017 and August 2018.
The company operated with 4.841 stores with all its retail chains worldwide by August 31, 2018, 102 more shops than a year ago. In the first nine months of fiscal 2018, H&M opened 173 own-operated stores and 28 franchises, while it shut down 66 retail locations.
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