Payments platform Laybuy on Wednesday announced a new partnership with fashion brand ALEXACHUNG, allowing customers to spread the cost of their purchases over weekly payments.
As fashion retailers including Topshop, Quiz and Asos continue to adopt the ‘buy now, pay later’ practice, Alexa Chung’s eponymous brand will now offer customers the opportunity to split their payments over six weekly instalments.
Similarly to Klarna, Laybuy use what they describe as a “proven risk-free approach” for retailers, in which the clothing brand will receive full payment up-front, with Laybuy taking on the credit risk of the consumer.
“ALEXACHUNG is excited to partner with Laybuy and offer our customers a new way to acquire and invest in pieces from our collections. The flexibility offered by Laybuy is key for our audience and will only help to broaden our customer base,” said ALEXACHUNG managing director Edwin Bodson.
“We’re delighted to be working with ALEXACHUNG in the UK and the timing is perfect with the pre-fall 2019 collection having recently launched.” said Laybuy co-founder and managing director Gary Rohloff.
“Brands recognise that customers want more options and better ways to pay, and that it needs to be done responsibly. That’s precisely what Laybuy has been designed to do, and we’re seeing a huge amount of interest from retailers in the UK wanting to take advantage of this,” Rohloff added.
Laybuy noted that its ‘buy now, pay later’ platform had helped retailers increase sales, basket sizes and the number of transactions, as well as gaining new customers.
Since launching in 2017, Laybuy’s retail partners have seen order values rise by 60 per cent, online and instore conversion rates increase by 50 per cent, and new customer acquisition rise by 30 per cent.
The company said it is particularly popular among millennial consumers, who are increasingly looking for new, flexible ways to pay for items, without using credit cards of interest rates.