Adding new depth to the term “aspirational fashion,” the Australia-based digital platform that allows consumers to purchase products on interest-free installment plans was available in-store for the first time in the U.S. at Revolve’s pop-up in New York City.
Afterpay currently serves 17,000 retailers and 2.3 million consumers in Australia and processes over 25 percent of the online fashion and beauty purchases there, working with retailers like Estée Lauder and Lululemon. The company kicked off its U.S. expansion this summer by partnering with Anthropologie, Free People and Urban Outfitters.
Now with over 1,000 U.S. retailers signed on to its web services, it has turned its attention to Revolve, a retailer so in tune with millennials that it once offered same-day shipping to Coachella attendees. And, according to Afterpay, this is just the beginning.
“Launching at this store is important to us for two reasons. First, it demonstrates our continued expansion into the U.S. retail market, which has been going extremely well, as the U.S. and Australian markets are quite similar,” Afterpay founder and CEO, Nick Molnar, said. “And second, it is further proof that our payment platform, which has been so successful for online purchases, can seamlessly be integrated for in-store purchases as well.”
This was the first time Revolve, a retailer known for contemporary fashion and an influencer-centric marketing approach, has opened a pop-up in New York City. Like many retailers that started online, Revolve is now trying its hand with physical stores by utilizing pop-ups and experiential retail.
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An important step in that process is to provide a more unique in-store experience to offset the loss of convenience for shoppers. With Afterpay available at Revolve’s first NYC pop-up, consumers benefitted from the same services available online—wrapped up in an exclusive event.
“Since July, Afterpay’s payment solution has provided our e-commerce customers the ability to purchase products they would otherwise have had to save up for before purchasing,” Mike Karanikolas, co-CEO and co-founder of Revolve said. “We’re excited to bring this same functionality to our in-store customers at our NYC pop-up shop. We are committed to providing our millions of customers with the best possible shopping experience, both online and in-store, and providing a simple, responsible and rewarding payment option is a critical part of this strategy.”
In early October, Revolve announced its intentions to go public after 15 years as a private company. The valuation of the retailer could reach $1 billion, according to some sources, thanks to strong earnings, consistent growth and a third quarter that saw sales rise by over 18 percent, year-over-year.
At the pop-up, which ended on Sunday, Afterpay had a dedicated checkout line and customers that used the service received 10 percent off their purchase.