Home Luxury brand Luxury platform HBX offers BNPL via Afterpay

Luxury platform HBX offers BNPL via Afterpay

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Shop Now, Pay Later (BNPL) Afterpay has partnered with HBX, Hypebeast’s e-commerce platform, to help shoppers purchase luxury and streetwear clothing.

According to a Wednesday, June 8 press release, the partnership will allow shoppers to pay for their online purchases in four instalments.

“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 as they go. time,” the statement said.

According to Afterpay, younger consumers have shown an affinity for BNPL over the past two years, with spending up 925% since the start of the pandemic.

“HBX’s Gen Z and Millennial consumers can now benefit from using Afterpay to spend responsibly on the latest curated trends, from fashion and art to design and culture. “, the companies said in the statement. “This partnership will be a joint effort by both brands to remove barriers to entry allowing customers access to curated collections and exclusive discounts by paying over time.”

HBX offers Afterpay on purchases made online, but also plans to bring this payment option to its New York store for access to new brand launches. With this partnership, the company joins more than 144,000 other retailers and brands using Afterpay, depending on the release.

The partnership comes at a time when the BNPL sector could face significant upheaval, as PYMNTS recently reported.

Read more: Affirm’s fall could portend trouble for BNPL Space

As we noted on Wednesday, the business model is coming under greater scrutiny as BNPL ticket prices surge above $1,000 amid economic uncertainty and record inflation.

Regulators have begun to take a closer look at the entire BNPL industry, and a House Financial Services Subcommittee hearing titled “Buy Now, Pay Later?” was held in November to examine rising consumer debt.

And Nandan Sheth, CEO of Splitit, told Karen Webster of PYMNTS this week that he expects consumers to see changes in payment terms as BNPL lenders face tighter underwriting standards that could hamper their ability to lend.

See also: BNPL rethinks model as tough times strain client portfolios

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NEW PYMNTS DATA: THE CUSTOM PURCHASING EXPERIENCE STUDY – MAY 2022

About: PYMNTS’ survey of 2,094 consumers for The Tailored Shopping Experience report, a collaboration with Elastic Path, shows where merchants are succeeding and where they need to up their game to deliver a personalized shopping experience.