Fashion Nova and Afterpay Announce New Partnership In Time for Fall Shopping

Rhea-AI Summary

Afterpay (ASX: APT) has partnered with Fashion Nova to enhance the shopping experience by allowing customers to pay in four interest-free installments. This collaboration aims to attract Gen Z and Millennials, representing Afterpay's non-debt payment model. Afterpay's North American user base has grown to nearly 20 million, with 90% being repeat customers. The partnership is timely, aligning with the upcoming fall shopping season, which is expected to boost traffic and sales through Afterpay's extensive network of almost 100,000 global retailers.

Positive

• Partnership with Fashion Nova expands payment options for a growing customer base.
• Afterpay's customer base in North America has reached nearly 20 million, with 90% of orders from repeat customers.
• The partnership targets the fast-growing Gen Z demographic, enhancing appeal among younger consumers.
• Afterpay's network consists of almost 100,000 global retailers, increasing potential sales.

Negative

• None.

NEW YORK, Sept. 23, 2021 /PRNewswire/ -- Afterpay (ASX:APT), the leader in "Buy Now, Pay Later" payments, today announced that it has partnered with Fashion Nova, a leading e-commerce fashion platform, to offer shoppers a more flexible way to pay - just in time for the fall shopping season. Now, consumers who shop Fashion Nova online will have the option to pay responsibly with Afterpay at checkout, in four interest-free installments¹. 

The addition of Fashion Nova comes after a highly successful year-end for Afterpay, during which the company's customer base in North America grew to nearly 20 million - with 90% of orders made by repeat customers². Afterpay's customer base is largely fashion-forward Gen Z and Millennials, and in fact, Gen Z represents the fastest growing demographic on the platform. The partnership is a joint effort by the brands to make fashion more accessible to these younger consumers.

Fashion Nova values accessibility and affordability - it is part of the foundation on which the company was built. Founder & CEO Richard Saghian said: "We've always prided ourselves on providing consumers easy and affordable access to the trendiest styles. The partnership with Afterpay further enables our customers to buy their favorite looks in a way that is both seamless and convenient."

Zahir Khoja, General Manager of Afterpay North America, said: "As we head into fall and the busy holiday season, it's the perfect time to bring Fashion Nova onto the Afterpay platform as shoppers look to update their wardrobes. This partnership stems from our shared desires to cater to the very powerful Gen Z consumers, who prefer to spend their money responsibly and pay over time with Afterpay."

Fashion Nova joins Afterpay's already wide network of nearly 100,000 global retailers, which allow customers to receive items immediately and pay over time, without revolving debt or paying interest. Merchants benefit from the company's highly-engaged customer base, as the Afterpay Shop Directory generates an average of one million merchant referrals globally per day³.

About Afterpay Limited
Afterpay Limited (ASX: APT) is transforming the way we pay by allowing customers to buy products immediately and pay for their purchases over four installments, always interest-free. The service is completely free for customers who pay on time - helping people spend responsibly without incurring interest or extended debt. As of June 30, 2021, Afterpay is offered by nearly 100,000 of the world's favorite retailers and nearly 20 million customers signed up in North America alone⁴.

Afterpay is currently available in Australia, Canada, New Zealand, the United States and the United Kingdom, France, Italy and Spain, where it is known as Clearpay. Afterpay is on a mission to power an economy in which everyone wins.

About Fashion Nova
Fashion Nova is the world's leading quick-to-market apparel and lifestyle brand. It is renowned for delivering the season's most wanted styles to millions of people worldwide, which earned it the title of the #1 Most-Searched Fashion Brand on Google in 2018. As a Los Angeles based company with 5 retail stores throughout Southern California, Fashion Nova sells collections for women, men, curve, and kids. It is a pop culture phenomenon, reaching staggering social media followings of over 25 million, of which includes celebrity fans and collaborators.

1 Late fees may apply. Eligibility criteria apply. See afterpay.com for full terms.
2 Results announced in FY21
3 Results announced in FY21
4 Results announced in FY21

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/fashion-nova-and-afterpay-announce-new-partnership-in-time-for-fall-shopping-301384181.html

SOURCE Afterpay

FAQ

What is the significance of Afterpay's partnership with Fashion Nova?

The partnership allows users to pay for their Fashion Nova purchases in four interest-free installments, enhancing affordability and accessibility.

How many customers does Afterpay have in North America?

Afterpay's customer base in North America has grown to nearly 20 million.

What demographic does Afterpay primarily target?

Afterpay primarily targets fashion-forward Gen Z and Millennials.

How many global retailers are included in Afterpay's network?

Afterpay's network includes nearly 100,000 global retailers.

When was the partnership with Fashion Nova announced?

The partnership was announced on September 23, 2021.