The Hut Group announces payment partnership
The Hut Group has jumped on the ‘buy now, pay later’ trend with a new partnership with flexible payment platform Laybuy.
THG customers will be able to spread the cost of purchases over six weekly payments, interest-free across its portfolio of beauty and wellness brands, including Myprotein, Lookfantastic, Glossybox, Illamasqua and The Hut.
It comes as more and more consumers use these types of payment services to pay for products online, with major fashion retailers including Asos, Topshop, Superdry and Boohoo leading the change.
Laybuy, which competes with Sweden’s Klarna and Clearpay, launched in the UK in 2019, and already powers payments for JD Sports, Footasylum, WH Smith and Toni & Guy.
Matthew Moulding, chief executive officer of THG, said: “Laybuy’s flexible payment solution fits perfectly with our customer-first approach and commitment to offering a seamless customer experience.
“Consumer buying behaviour continues to evolve and there is clear demand for innovative options like Laybuy, we look forward to working closely with them.”
Laybuy managing director Gary Rohloff added: “Laybuy offers a risk and interest-free option that works for both the customer and the retailer alike, and we look forward to commencing this relationship with The Hut Group from today.”
According to the payments provider, retailers that offer Laybuy services have seen order values rise by up to 70%, online and in-store conversion rates increase by up to 50%, and new customer acquisition rise by 30%.
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