British fashionistas on the wrong side of payday have flocked to use MySale’s new “buy now, pay later” model, the online retailer revealed on Monday as it posted record first-half figures.
The Aim-listed firm, backed by retail tycoons Sir Philip Green and Mike Ashley, introduced a system called Ourpay in 2017. It allows shoppers to spend up to £500 and spread the cost over 56 days in four interest-free payments.
Chief executive Carl Jackson said: “The new payment option has been extremely well-received by Brits, who are now spending a bit more on a more frequent basis.”
UK revenues jumped 24% to A$8.6 million (£4.8 million) in the six months to December 31.
Group sales at the business, which allows brands to sell off leftover stock, increased by 11% to A$151.9 million.
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The firm was boosted by strong demand for labels such as Belstaff, Hobbs and Moschino.
Stripping out one-off costs, underlying pre-tax profits rose to A$2.3 million from A$600,000.
Jackson said: “We approach the second half with confidence.”
The shares gained 2.25p, or 2%, to 112p.