Klarna, the AI powered global payments network and shopping destination, has today announced its partnership with iconic British department store Liberty, “with its flexible and interest-free payment options now available online.”
The partnership will aim to “help Liberty’s customers save time and money and worry less, allowing them to shop smarter with Klarna’s interest-free payment options and manage their spending through the Klarna app.”
The announcement comes “as data from Klarna shows that the majority of customers (42%) would prefer to use BNPL over a credit card (33%) to buy pricier items1.”
Liberty joins Klarna’s network of luxury brands “alongside for example Harrods, Farfetch and Rimowa, allowing shoppers to buy high-end quality products with Klarna’s flexible and interest-free products.”
It follows recent initiatives from Klarna encouraging consumers “to consider the impact of their shopping habits on the environment as luxury products tend to be more durable, are made from higher-quality materials, and could even be passed down across generations or resold.”
In the UK, half of all (51%) luxury shoppers “claim their high-end goods purchases are more sustainable and 46% feel their items save them money in the long run2.”
Established in 1875, Liberty, more lovingly “known as Liberty’s, is “one of London’s most iconic shopping spots.”
Famed for its directional design, cultural collaborations and inspiring curation, “the store offers a wide range of clothing, fabrics, homeware, and beauty products.”
Raji Behal, Head of Western and Southern Europe at Klarna says:
“We are proud to partner with London’s iconic Liberty to offer flexible, convenient payments to shoppers looking to purchase high-end items online. We are seeing consumers of all ages and incomes ditching rip-off credit cards, and recognising the environmental benefits of ‘buy it for life’ with high quality products in a classic style that will look good for years to come. Our interest-free BNPL products empower consumers to manage finances better, making informed choices that benefit both their wallet and the planet.”
As noted in the update, Klarna surveyed “more than 1,000 UK shoppers and analyzed 58,000,000 Klarna orders to learn how, where, and why people are shopping luxury and to understand what they care about.”