Fashion Nova partners with Afterpay on BNPL
Buy Now, Pay Later (BNPL) Afterpay announced Thursday, September 23, that it has partnered with e-commerce fashion platform Fashion Nova to give shoppers more options on how and when to pay their purchases, according to a joint press release.
Fashion Nova shoppers online can now choose to pay in four interest-free installments with Afterpay as part of the collaboration, the statement said.
Afterpay’s customer base has grown to nearly 20 million in the past 12 months, and 90 percent of Afterpay’s orders this year have been placed by loyal customers, the statement said. Gen Y and Gen Z make up the bulk of Afterpay’s customer base, with Gen Z being the platform’s fastest growing demographic.
The merger with Fashion Nova represents an effort “to make fashion more accessible to these young consumers,” the statement said.
âWe always pride ourselves on providing consumers with easy and affordable access to the hottest styles,â Fashion Nova Founder and CEO Richard Saghian said in the statement. âPartnering with Afterpay further allows our customers to purchase their favorite looks in a way that is both transparent and convenient. “
Fashion Nova joins Afterpay’s network of nearly 100,000 retailers around the world, the statement said.
âAs we head into fall and the busy holiday season, now is the perfect time to introduce Fashion Nova to the Afterpay platform as shoppers look to update their wardrobes,â said Afterpay’s managing director for North America, Zahir Khoja, in the statement. âThis partnership stems from our shared desire to serve the very powerful Gen Z consumers, who prefer to spend their money responsibly and pay over time with Afterpay. “
Earlier this month, PetSmart also launched a partnership with Afterpay, claiming it would allow customers to shop online and in stores, while still receiving their products in advance but having more time to make payments, which are due in four installments, every two weeks.
Read more: PetSmart launches BNPL program with Afterpay
The program applies to services such as grooming and training as well as products.