Company signs with over 6,500 U.S. retailers representing more than 10% of the U.S. fashion and beauty industry online
San Francisco, CA /PRNewswire/ - Afterpay, the leader in "Buy Now, Pay Later", announced today that it has partnered with Ulta Beauty and J.Crew. Launching between Fall 2019 and early 2020, these powerhouse brands join the more than 6,500 active and onboarding U.S. retailers - representing more than 10% of the U.S. fashion and beauty retailers online1.
This comes on the heels of a highly successful month of July, during which Afterpay achieved a sales volume run rate2 of over US $1.2 billion from two million+ active U.S. customers. (Active customers are defined as those that have made a purchase from a retail partner using the Afterpay product in the last 12 months).
Nick Molnar, Afterpay's co-founder and US CEO, said, "We are thrilled to partner with Ulta Beauty and J.Crew, to enable them to offer buy now pay later services to their customers. We have seen great success in the U.S. market, supported by the best American retail partners, and we look forward to continuing this momentum with retailers and consumers alike as we head into the Fall."
Afterpay allows retailers to offer shoppers the option to receive products immediately and pay for them in four installments, without taking out a traditional loan or paying upfront fees or interest. The service is completely free for customers who pay on time - helping consumers spend money for discrete purchases responsibly, without the ability to extend repayment obligations or the risk of falling into a debt trap.
About Afterpay Touch Group
Afterpay Touch Group (ATG) is a technology-driven payments company with a mission to support merchants to make purchasing feel great for a global customer base. ATG comprises the Afterpay and Touch products and businesses. Afterpay is driving retail innovation by allowing leading retailers to offer a 'buy now, receive now, pay later' service that does not require end-customers to enter into a traditional loan or pay any upfront fees or interest to Afterpay. Afterpay currently supports over 4.3 million active customers and approximately 30,600 active retail merchants on-boarded. Touch comprises innovative digital payment businesses servicing major consumer-facing organisations in the telecommunications, health and convenience retail sectors in Australia and overseas. Afterpay.com
1 Source: Calculated using data sourced from Euromonitor
2 As per ASX release in June 2019 (AUD $1.7 billion GMV run rate in May 2019)