HBX and Afterpay Offer Flexible Spending for Luxury and Streetwear Shoppers

Rhea-AI Summary

Afterpay partners with HBX to enhance online shopping for luxury and streetwear brands. This collaboration enables Gen Z and Millennials to purchase from over 250 brands while paying in four installments. Since the pandemic, the preference for 'Buy Now, Pay Later' has surged by 925%. The initiative aims to improve accessibility to curated collections and exclusive drops. Afterpay's network includes over 144,000 retailers, with plans to introduce in-store payment options at HBX's New York flagship, providing a seamless omnichannel experience.

Positive

• Partnership enhances accessibility to luxury and streetwear brands for Gen Z and Millennials.
• Afterpay's 'Buy Now, Pay Later' option caters to the growing demand, with spending up 925% since the pandemic.
• HBX offers over 250 brands, expanding its customer base and potential sales revenue.
• Plans to roll out Afterpay in-store at HBX's New York flagship improve customer experience.

Negative

• None.

Streetwear and lifestyle fashion enthusiasts can shop now and pay later on more than 250 trend-setting brands on Hypebeast’s e-commerce platform, HBX.

SAN FRANCISCO--(BUSINESS WIRE)-- Today, Afterpay announced its new partnership with HBX, Hypebeast’s global e-commerce platform and retail destination, to make luxury and streetwear brands more accessible for shoppers to purchase online in four installments. As two leading brands at the intersection of culture and youth, the partnership will allow more Gen Z and Millennials to shop the world of contemporary fashion and lifestyle while paying over time.

Over the past two-years, the younger generation have preferred to use ‘Buy Now, Pay Later’ to budget their purchases, with spending up 925%¹ since the start of the pandemic. HBX’s Gen Z and Millennial consumers can now benefit by using Afterpay to responsibly spend on the latest curated trends from fashion to art to design and culture. This partnership will be a joint effort by both brands to break down entry barriers for customers to attain curated collections and exclusive drops by paying over time.

Huan Nguyen, Chief Revenue Officer at Hypebeast said, “We are excited to partner with Afterpay to offer our community a more seamless shopping experience at HBX. With this partnership, we look forward to offering our consumers increased convenience and accessibility to our global and exciting assortment of over 250 fashion and lifestyle brands on HBX.”

Zahir Khoja, General Manager of Platforms and Partnerships at Afterpay said, “We’re excited to add HBX to our growing platform of designer merchants and offer curated fashion and lifestyle products that enable shoppers to use their own money to pay in four easy installments. Together, we can empower the next generation to use a payment solution that unlocks access to new and exciting products without opting into expensive credit cards that can lead them into revolving debt.”

With more than 250 curated brands from both established and up-and-coming menswear, womenswear and lifestyle labels, HBX currently offers Afterpay on purchases made online, and plans to roll out its flexible payment option in-store at its New York City flagship for access to new brand launches - giving them a true omnichannel experience. The lifestyle brand joins Afterpay’s wide network of over 144,000³ global retailers and brands, which helps people budget and spend responsibly.

To learn more about how Afterpay has transformed the way consumers pay, visit newsroom.afterpay.com.

About Hypebeast

Hypebeast is a leading global platform for contemporary culture and lifestyle, and a premier destination for editorially-driven commerce and content. Founded in 2005, it became a publicly listed media company in 2016 and today has a total reach of over 44.7M users across all platforms and boasts a global readership across North America, Asia Pacific, Europe and more. The Group has expanded its publishing brands to a wider scope in recent years, encompassing Hypebeast and its multiple content distribution platforms, e-commerce store HBX.com, and agency Hypemaker.

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.² The service is completely free² 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.³

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).

¹Afterpay Next Gen Index, Feb 2022
²Late fees may apply. Eligibility criteria apply. See afterpay.com for full terms.
³Figures released in Block Q1 2022 results

View source version on businesswire.com: https://www.businesswire.com/news/home/20220608005105/en/

Daphne Duong

dduong@squareup.com

Source: Block, Inc.

FAQ

What is the partnership between Afterpay and HBX about?

The partnership allows shoppers to buy luxury and streetwear brands on HBX while paying in four installments.

How has spending on 'Buy Now, Pay Later' changed since the pandemic?

Spending on 'Buy Now, Pay Later' has surged by 925% since the pandemic began.

How many brands does HBX offer with Afterpay?

HBX offers more than 250 curated brands through the Afterpay partnership.

What future plans does HBX have for Afterpay?

HBX plans to implement Afterpay for in-store purchases at its New York flagship.

How many retailers does Afterpay work with?

Afterpay has a network of over 144,000 global retailers.