MySale in good shape thanks to ‘buy now, pay later’ model

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.

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.