The Swedish brand’s scheme has been adopted by a number of beauty brands and retailers as its popularity mounts among millennials and Gen Z consumers
The eponymous beauty brand of make-up artist Charlotte Tilbury has teamed up with payment provider Klarna.
Klarna’s buy now, pay later scheme allows customers to pay back their purchases in installments and is interest-free.
The cost can be split over three months, which takes the first payment at the point of purchase and two final payments will be automatically scheduled 30 and 60 days after purchase.
Beauty retailers and brands alike have adopted Klarna’s services including Beauty Bay, The Fragrance Shop, Cult Beauty and Revolution.
These methods of payment have become popular with millennial and Gen Z consumers.
However, research has warned that pay later schemes are affecting shoppers’ credit scores.
According to data released by comparethemarket.com earlier this year, 22% of UK consumers surveyed said their credit scores had been impacted due to buy now, pay later plans.
Klarna responded directly to the survey to defend its scheme and said: “Klarna does not report missed payments to the CRA in relation to these products.
“To date, a customer’s credit score has not been impacted by using Klarna’s ‘pay later’ products even if they have failed to pay on time.”