The buy now, pay later (BNPL) firm Klarna on Monday (Aug. 9) announced a new partnership with YOOX NET-A-PORTER, the online luxury and fashion brand.
According to a news release from Klarna, the partnership will let YOOX customers purchase clothing and accessories in three or four installments.
“Brands across the YOOX NET-A-PORTER portfolio will be able to offer customers flexible payment options on top of the other payment methods already available, allowing them to spread the cost of purchases over time, with no interest charged,” the company said.
Founded in 2000, YOOX has more than 4.5 million customers in 180 countries, selling across four brands: NET-A-PORTER, MR PORTER, YOOX and THE OUTNET.
“As pioneers in bringing together the realms of technology and luxury, YOOX NET-A-PORTER connects the most discerning clientele with the joy of luxury and fashion that lasts a lifetime and beyond,” Klarna said in the news release. “It combines a curated edit of the world’s most coveted brands with personalized end-to-end service, all shaped by 20 years of insights into the modern shopper.”
Klarna said that its services have been rolled out across YOOX’s group, beginning with MR PORTER in the U.S., Austria, Germany, the U.K., the Netherlands, Spain, Belgium and Finland.
“NET-A-PORTER has launched in the U.S. and Australia, with other European markets launching later in 2021. This will be followed by implementation across THE OUTNET and YOOX over the next 12 months,” Klarna said.
The partnership is one of several Klarna has inked this year, coming just days after a new arrangement with Petco that will allow customers to purchase pet foods and supplies and pay them back in four installments over a six-week period.
Read more: Klarna Helps Petco Enter BNPL Space
As PYMNTS reported in May, Klarna has also forged deals with Authentic and SPARC, whose retail brands include Aeropostale, Brooks Brothers, Eddie Bauer, Nine West and Nautica.
In June, Klarna landed $639 million in venture funding, a deal that values the company at $45.6 billion. Klarna has called itself “the highest-valued” privately-held FinTech in Europe.
Related news: Klarna Lands $639M, Valuing BNPL Company At $45.6B
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