Gymshark has partnered with Klarna to offer extended payments on purchases made on Gymshark.com. The partnership comes as the U.K.-based fitness apparel start-up in mid-August secured a $1.45 billion valuation in its first equity raise.
Through the partnership, consumers shopping on Gymshark.com will be able to pay in four equal, interest-free installments.
“Gymshark’s target audience is 18-to-30-year-olds whose interests lie at the intersection of fitness, fashion, and music,” said Niran Chana, CMO, Gymshark. “We are excited to partner with Klarna to offer our shoppers an attractive payment option that is preferred by this demographic and that lets them shop for the fitness items they love with financial ease.”
Gymshark has seen a rise in sales of their “home workout” products across its apparel and accessories ranges with growing momentum during the pandemic.
Data from the Klarna app revealed an increase in spending within the athleisure category across demographics as stay-at-home policies took effect during the pandemic. Gen Z shoppers increased their category spending by 28 percent in the March-to-May period versus January-to-February, prior to the pandemic, according to Klarna’s average week-over-week transaction volume data. Additionally, customers are expected to begin shopping for the holiday season earlier than in previous years, and a recent Klarna survey showed that 79 percent of consumers would “rather be healthy than wealthy” this holiday season, suggesting that consumer prioritization of a healthy lifestyle will continue to trend for the foreseeable future.
Gymshark’s funding comes as the brand, in September 2019, opened its U.S. headquarters in Denver, CO to jumpstart its overseas growth. Distribution centers are planned for Ohio and California alongside its existing center in Toronto.
Photo courtesy Gymshark
