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Afterpay and Sephora Partner to Make Prestige Beauty Accessible to More Customers
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
partnership
Rhea-AI Summary
Afterpay, a leader in "Buy Now, Pay Later" payments, has partnered with Sephora to enable U.S. customers to pay in four installments for beauty products. This collaboration aims to enhance the shopping experience for customers by providing flexible payment options and facilitating access to over 340 brands. Afterpay services more than 20 million active customers and is available at over 144,000 retailers. The partnership is anticipated to expand to Sephora Canada later in 2022, reflecting a commitment to simplifying beauty product purchases for a broader audience.
Positive
Partnership with Sephora to offer BNPL services enhances customer payment flexibility.
Access to over 340 curated beauty brands, expanding Afterpay's market presence.
Partnership expected to broaden customer base and enhance sales opportunities.
Negative
None.
Offering a Flexible Way to Pay Online and In-Stores Across the U.S.
SAN FRANCISCO--(BUSINESS WIRE)--
Afterpay, the leader in “Buy Now, Pay Later” (BNPL) payments, today announced a partnership with the leading prestige beauty omni-retailer Sephora to offer customers the flexibility to pay in four installments when shopping for their favorite beauty brands and products in the U.S. The partnership underscores both brands’ commitment to address their customers’ needs and will deliver an omnichannel experience that makes purchasing everyday beauty essentials easy, convenient and accessible to more shoppers.
“Convenience and flexibility are core to the promise of a seamless shopping experience at Sephora and our goal is to continue to curate and deliver the most innovative payment options for our diverse shopper base,” said Carolyn Bojanowski, Senior Vice President, General Manager of eCommerce, Sephora. “With our shared ethos, Sephora’s partnership with Afterpay is a natural fit. Now more than ever, it’s critical to provide both our existing clients and new-to-Sephora shoppers with flexible solutions, and this collaboration allows us to make prestige beauty even more accessible to all.”
"Customers search for Sephora on our Shop Directory App every two minutes1 and it ranks among one of our most requested retailers with U.S. consumers,” said Alex Fisher, Head of Sales, North America at Afterpay and Cash App. “We are thrilled to service this demand, and provide more customers access to Sephora's curated selection of premium products with the flexibility and convenience of using Afterpay online and at their local Sephora store."
Sephora shoppers in the U.S. can Afterpay more than 340 curated brands including Sephora-exclusives, Black-owned brands, and viral favorites like Glow Recipe, Fashion Fair, and Rare Beauty by Selena Gomez. The partnership will make thousands of products accessible to more U.S. customers by offering them the option to pay over time with Afterpay online at Sephora.com, at hundreds of stores nationwide, and via the Afterpay app and Sephora app. The BNPL payment service is anticipated to expand to Sephora Canada later this year.
More than 20 million active customers use Afterpay at over 144,000 of the world’s favorite retailers to purchase the things they want and need most without falling into revolving credit card debt.2 To learn more about Afterpay and how it has transformed the way consumers shop – online and in-stores at the best brands around the world – visit newsroom.afterpay.com. For more information on Sephora’s products and services, visit: www.sephora.com/about-us and follow @Sephora on social media.
About Sephora
Since its debut in North America more than 20 years ago, Sephora has been a leader in prestige omni-retail with the mission of creating an inviting beauty shopping experience and inspiring fearlessness in our community. With the goal of delivering unbiased shopping support and a personalized experience, Sephora invites clients to discover thousands of products from more than 340 carefully curated brands, explore online and through our mobile app, enjoy services at the Beauty Studio and engage with expertly trained Beauty Advisors in more than 500 stores across the Americas. And with its new long-term retail strategic partnership, clients can now shop Sephora at Kohl's, a fully immersive, premium beauty destination, with 200 locations in 2021, and at least 850 locations by 2023. Clients can access the free-to-join Beauty Insider program and digital community, which together enhance the experience of Sephora's passionate clients.
Sephora has been an industry-leading champion of diversity, inclusivity, and empowerment, guided by our longstanding company values. In 2019, Sephora announced a new tagline and manifesto, "We Belong to Something Beautiful," to reinforce its dedication to fostering belonging amongst all clients and employees and to publicly strive for a more inclusive vision for retail in the Americas. Sephora continues to give back to our communities and advance inclusion in our industry through its social impact and equity programming, called the Sephora D&I Heart Journey. For more information, visit: https://www.sephora.com/about-us and @Sephora on social media. For media inquiries, please visit our Sephora newsroom or email ExternalComms@sephora.com.
About Afterpay
Afterpay Limited is transforming the way we pay by allowing customers to buy products immediately and pay for their purchases over four installments.3 The service is completely free3 for customers who pay on time - helping people spend responsibly by paying over four installments without incurring interest. As of March 31, 2022, Afterpay is offered by more than 144,000 of the world’s favorite retailers and more than 20 million active customers have adopted the service.4
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. Afterpay is a wholly owned subsidiary of Block, Inc. (NYSE: SQ).
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1
Based on Afterpay data relating to the number of searches including "Sephora" on Afterpay US Shop Directory, calendar year to date.
2
Figures released in Block Q4 2021 results
3
Late fees may apply. Eligibility criteria apply. See afterpay.com for full terms.
What is the significance of Afterpay's partnership with Sephora for SQ shareholders?
The partnership enhances Afterpay's service offerings, potentially driving sales and customer engagement, which could positively impact SQ's stock performance.
When will Afterpay services be available at Sephora Canada?
Afterpay services are anticipated to expand to Sephora Canada later in 2022.
How many brands can customers access through Afterpay at Sephora?
Customers can access over 340 curated brands when using Afterpay at Sephora.
What is Afterpay's customer base size?
Afterpay has more than 20 million active customers globally.
How does Afterpay's payment model work?
Afterpay allows customers to buy products immediately and pay in four installments, interest-free if paid on time.
