Cettire (ASX:CTT) share price jumps 8% on Klarna partnership

A happy smiling kid points his fingers up, indicating a rising share price

The Cettire Ltd (ASX: CTT) share price is climbing in early morning trade. This follows the luxury online retailer’s announcement of a new partnership agreement.

Headquartered in Victoria, Cettire is Australia’s largest luxury e-commerce website that offers an extensive range of men’s and women’s clothes. The company sells famous international branded products from Prada, Gucci, Saint Laurent, Fendi, Dolce and Gabbana, and more.

At the time of writing, Cettire shares are swapping hands for $1.86 apiece, up 8.14%.

Cettire expands offering

According to this morning’s release, Cettire advised it has teamed up with leading global buy-now-pay-later (BNPL) provider, Klarna.

Founded in 2005, Klarna is a Swedish-based fintech company that allows customers with flexible shopping and payment options. The business has over 90 million active customers, with onboard merchants totalling 250,000. On a daily average, Klarna sees more than 2 million transactions on its platform.

Under the deal, Cettire will provide its customers shopping in Australia and United States Klarna’s BNPL services. The enhanced offering is targeted at giving customers greater flexibility when paying for products.

While the rollout will no doubt entice new and existing customers, Cettire did not provide a launch date.

Comments from the CEO

Cettire founder and CEO, Dean Mintz commented:

Consumers expect convenient and flexible shopping online. Klarna is uniquely placed to meet the continued accelerated demand that Cettire is experiencing online across multiple geographies.

Klarna will continue to enhance Cettire’s value proposition and further improve our customer experience through added convenience, flexibility and control. Further, by directly accessing Klarna’s large and expanding consumer network of 17 million shoppers in the US and 0.8 million shoppers in Australia, we look forward to introducing Cettire to a new audience of passionate luxury consumers.

Cettire share price snapshot

Since listing in December at a price of 50 cents, Cettire shares have continued its amazing run. Year-to-date performance stands at a gain of close to 280% in less than 6 months of trading.

Based on today’s prices, Cettire has a market capitalisation of roughly $674 million, with approximately 381 million shares on issue.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Cettire Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Cettire (ASX:CTT) share price jumps 8% on Klarna partnership appeared first on The Motley Fool Australia.

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