Swedish payments firm Klarna said on Monday it is partnering with consumer finance app OnePay to offer installment loans for purchases at retail giant Walmart in the United States.
Reuters
Installment loans, a staple of consumer lending, allow borrowers to repay a fixed amount over a set period, making them a popular choice for big-ticket purchases such as electronics and automotives.
Unlike revolving credit, installment loans have fixed payments and often feature little to no interest, making them a cheaper alternative to traditional credit cards.
Retailers are increasingly partnering with lenders to offer installment financing at checkout, in the hopes of boosting sales by giving consumers more flexible payment options.
“This is a game changer,” said Sebastian Siemiatkowski, Klarna’s co-founder and CEO. “We look forward to helping redefine checkout at the world’s largest retailer — both online and in stores.”
Buy now, pay later pioneer Klarna is preparing for its long-awaited U.S. stock market debut, publicly filing for the IPO last week and disclosing that its revenue jumped 24% in 2024. While the fintech has yet to reveal terms, it is reportedly aiming to raise over $1 billion at a valuation exceeding $15 billion.
The fintech said the exclusive partnership with OnePay will give millions of Walmart customers flexible payment options and will be directly integrated at checkout this year.
It added that customers, once approved, can choose repayment terms ranging from 3 to 36 months and manage their loan directly on the OnePay app.
Sarabande Foundation, the organization established by LeeAlexander McQueen, is set to bring its ‘What Now?’ event back to New York City this May.
Sarabande Foundation returns to NYC. – Sarabande Foundation
Taking place on Tuesday, May 6, at The Standard, East Village, What Now? serves as a bridge between education and the professional world, equipping attendees with the tools and industry insights needed to launch successful careers.
The free event welcomes students, recent graduates, and self-taught creatives, providing them with one-on-one mentoring, portfolio reviews, and a post-event digital ‘Aid Pack’ filled with guidance for navigating the creative industries.
“A huge void exists between the safety of college and the reality of the working world. Particularly in fashion, the preconception and often misconception is that upon graduating your dream job awaits,” said Trino Verkade, director of Sarabande.
“The reality is quite different. But excitingly, on the flip side, the industry is so diverse and so rich in its need. There are numerous alternative models to navigating the industry other than ‘I graduated from fashion design and set up my own label’. What Now? helps people identify that their skillset is much broader than their degree.”
Last year’s event drew hundreds of eager graduates who lined up around the block to meet with 90 industry professionals from 23 globally renowned brands, including Christian Dior Couture, Fendi, Hermès, Khaite, Loewe, Louis Vuitton, Marc Jacobs, Thom Browne, Tiffany & Co., and Art & Commerce.
“I know what I’m looking for in a graduate, and all the brands taking part in What Now? also know what they want. This event provides an incredible opportunity for our next generation of creatives to have direct access to industry leaders from an exceptional group of brands,” added Francesca Amfitheatrof, president of The American Friends of Sarabande and artistic director watches and jewellery, Louis Vuitton.
“Our objective for this event is to advise and educate students on how to put their best foot forward in their career trajectory. Our industry is global, and events like this show graduates not just what’s possible for them, but how to thrive.”
People wishing to book their place should register via Eventbrite.
J.Jill Inc. announced on Wednesday that sales for the year ended February 1 increased just 0.5% to $610.9 million, hindered by a decline in fourth-quarter sales at the U.S. fashion retailer.
J.Jill
The Quincy, Massachusetts-based company said annual comparable sales, which includes comparable store and direct-to-consumer (D2C) sales, increased by 1.5%, with D2C sales, which represented 47.5% of net sales, up 1.9%.
Likewise, fiscal 2024 net income grew to $39.5 million, compared to $36.2 million in the prior-year period.
The firm’s annual sales were, however, held back by a 4.9% decline in fourth-quarter sales to $142.8 million, hit but a 6.8% drop in D2C sales, though total comps were up 1.9% for the three months.
“Fiscal 2024 performance is a testament to our disciplined operating model as we delivered on our objectives while strengthening our balance sheet, implementing robust total shareholder return strategies and investing in new store growth and systems,” said Claire Spofford, president and chief executive officer of J.Jill, Inc.
“Although this year was not without challenges as we continued to navigate a dynamic macro environment, I am proud of all that the team has accomplished enabling us to continue to drive strong cash generation supporting the recent increase of the quarterly dividend and ongoing investment in growth strategies and capital priorities. As we enter fiscal 2025, despite the uncertain outlook near-term with the slow start to Q1 and continued price sensitivity from customers, I am confident in the team’s ability to continue to operate with discipline while positioning the brand for long-term success.”
Looking ahead, J.Jill said it expects fiscal 2025 sales to be up 1% to 3%, compared to fiscal 2024, with plans to open 5-10 stores in the 12-month period.
Swatch Group AG is looking into a potential take-private of the Swiss watchmaker but it will “take time,” according to Chief Executive Officer Nick Hayek.
Swatch
“I have a big hope” the company will find someone to “help take us private,” Hayek said at a media event Wednesday, in one of his strongest suggestions yet that the maker of Omega watches is considering delisting from the stock exchange. Shares of Swatch rose as much as 4.3% in Zurich.
Swatch, whose brands also include Blancpain and Breguet, is frequently the subject of speculation that Hayek will seek to take it private as its stock languishes amid wider concerns about the future of luxury demand. Its shares were down 18% in the 12 months through Tuesday’s close.
Still, it wasn’t immediately clear whether Hayek — who also smoked a cigar at the event — was joking or being serious. His comments came as Swatch attempted to make light of its challenges in another way: publishing its annual report in a format so small it requires a magnifying glass to read it.
The “micro report” reflected Swatch’s “not exactly gigantic figures” last year and its skill at making miniature watch parts, Hayek said.
Hayek, who has had an at-times tempestuous relationship with shareholders, and other family members and related parties control about 44% of the voting rights. He said last year taking Swatch private would be a “nice thing to do,” but indicated he wasn’t willing to take on the debt needed to buy out other shareholders.
Swatch’s performance has lagged recently, affected by a difficult market environment including rising metal costs and weak demand in China due to economic uncertainty.
Though more entry-level brands like Swatch and Tissot continue to perform well, the group’s overall 2024 profit dropped 74.5% to 304 million Swiss francs ($346 million) from a year earlier. Swatch said it decided against cutting staff or reducing production capacities to be ready for an upturn it expects in 2025.
During the event Hayek joked that he hoped Christophe Lovis, a University of Geneva astronomer who presented a session on exoplanets — planets beyond the solar system — would help him find a partner to take Swatch private. He also referenced Elon Musk, the billionaire whose companies include SpaceX.
“I am hoping that Mr Lovis finds somebody on that exoplanet,” Hayek said. “I have a big hope to meet Mr. Musk up there to help take us private, but anyway I will not tell you here — so give us some time.”