Swedish fintech business Klarna and apparel giant H&M have announced a new £15.3 million ($20 million) global partnership aiming to “elevate the modern shopping experience”.
The deal will see Klarna integrate its digital payments technology into H&M’s physical and online stores via the H&M Club1 programme, with the view of providing customers with a “seamless, personalised and engaging shopping experience no matter where, when and how they shop”.
H&M has invested £15.3 million of equity in Klarna as part of the collaboration, which is expected to roll out in Sweden and the UK in 2019, before expanding globally into 14 of H&M’s markets.
“We are impressed with what Klarna has achieved to date and now we will work together to elevate the modern shopping experience. This strategic partnership between H&M group and Klarna is based on a joint relentless focus on creating great customer experiences”, H&M chief executive Karl-John Persson said.
Klarna chief executive and co-founder Sebastian Siemiatkowski added: “Retail is changing, and the future of fashion retail is high tech powering high touch experiences for customers.
“Regardless of how and when customers want to shop, we need to be there for them. Customers will no longer be forgiving of unnecessary complexity or when their retail experience does not leverage the insight available to make their engagement smart, personal and easy.
“This partnership is rooted in a shared obsession about just how good that shopping experience should be.
“Together we have worked hard on developing a unique solution for instore and online that will delight customers, drive economic value and build loyalty”.