Laybuy Group Holdings Ltd (ASX:LBY) has entered into a merchant partnership agreement with the UK’s largest independent fragrance retailer, ‘The Fragrance Shop,’ in a move that will allow customers to make purchases both online and in-store.
Agreements like these are resulting in accelerated growth in the UK, where Laybuy is recognised as one of the top three providers of buy-now-pay-later (BNPL) in the country.
The company’s overall UK Gross Merchandise Value (GMV) in the first quarter of the financial year 2022 has more than doubled to NZ$398 million.
The company’s growth momentum also continued in July as the company further signed 222 new merchants in the UK.
An important step
Laybuy’s managing director Gary Rohloff said: “The agreement is an important step towards the company’s goal of having Laybuy available almost everywhere consumers shop in the UK, whenever they shop.
“We are delighted to be partnering with The Fragrance Shop, which is a cosmetics and beauty giant with 200 stores across the UK offering over 6,000 products both online and in-store.
“This partnership provides shoppers with an easy option to buy the perfume, hair products, skincare and makeup products that they love and allows them to spread the payments over six weeks, interest-free.”
Demonstrate sales, marketing and onboarding success
The company has now partnered with more than 10,000 merchants worldwide, and the growth in merchants almost doubled in the past year, demonstrates its sales, marketing and onboarding success and also highlights the obvious benefit Laybuy is offering to its retail partners.
Laybuy’s managing director Gary Rohloff said: “Our latest results show Laybuy’s GMV has more than doubled in the UK, with annualised GMV reaching NZ$398 million.
“This is being driven by very strong merchant growth, with active merchants in the UK up 424% year-on-year.
Rohloff said: “The UK is our growth engine.
“In the past quarter alone, we have added 743 new merchants in the UK as well as 53,800 new active customers to reach more than half a million active customers, an increase of 143% year-on-year.”
“Market leader in New Zealand”
Besides the UK, the company continues to witness growth momentum in Australia and New Zealand and has roped in additional key merchants including; House of Travel, Adore Beauty, Sanity, Wittner, Ksubi, Max Fashions, Colette, Culture Kings, EB Games, Boardriders and Bailey Nelson.
“We remain a market leader in New Zealand and have a growing presence in Australia.
“Our active merchants in Australia and New Zealand (ANZ) increased 55% year-on-year, while active customers are up 20% in this more mature market.
“We expect the number of merchants and customers to continue to grow strongly as we prepare to launch our affiliate marketing network in the UK.
“As a result, we remain on track to achieve GMV of NZ$1 billion this financial year.”
Partners with more than 10,000 merchants
Laybuy is also continuing to grow strongly in ANZ, signing on several key merchants in the past months, including House of Travel, Adore Beauty, Sanity, Wittner, Ksubi, Max Fashions, Colette, Culture Kings, EB Games, Boardriders and Bailey Nelson.
It has now partnered with more than 10,000 merchants worldwide.
This growth in merchants, which has almost doubled in the past year, demonstrates its sales, marketing and onboarding success, as well as highlighting the obvious benefit offering Laybuy is providing to its retail partners
Investor zoom webinar
Laybuy is also holding an Investor Webinar on 11 August at 9:00 AEST/11:00 NZT where managing director Gary Rohloff will provide a company update followed by a Q&A session.
Investors can register their interest here.