Companies Announce New Multi-Year Consumer
Financing Program;
Synchrony To Become Exclusive Issuer
of J.Crew And J.Crew Factory Credit Cards;
Co-Branded Credit Card Program To
Provide Rewards and Benefits For Purchases Made Outside of
J.Crew Group, Wherever Mastercard Is Accepted
NEW
YORK, PURCHASE, N.Y. and
STAMFORD, Conn.,
Nov. 29,
2023 /PRNewswire/ -- J.Crew Group, today announced it
has entered into a new, multi-year credit card program agreement
with Synchrony (NYSE: SYF) and Mastercard (NYSE: MA). J.Crew Group
and Synchrony will partner on a private label credit card program,
and together with Mastercard, the companies will launch a
co-branded credit card designed for J.Crew and J.Crew Factory
customers in the first half of 2024.
As part of this partnership, Synchrony will acquire J.Crew's
existing credit portfolio. Synchrony will also provide J.Crew with
a full suite of digital capabilities including mobile wallet
provisioning, robust pre-approval capabilities, Scan to Apply and
direct to a customer's device credit application options.
The partnership with Mastercard also marks the first time that a
new J.Crew Group co-branded card will be available to make
purchases outside of J.Crew to obtain rewards and powered by the
Mastercard Network, adding exponentially more value for
consumers.
Together, the companies will leverage their innovative cultures
to create a digital-first credit card program that will include
exceptional savings and rewards for J.Crew Group customers across
its J.Crew and J.Crew Factory stores, online sites and mobile
channels. Integrated with J.Crew's loyalty program, J.Crew
Passport, members will receive even greater rewards and accelerated
tier status with the new card.
"We are thrilled to be working with Synchrony and Mastercard, as
their deep industry expertise, leading digital capabilities and
collaborative partnership approach are exactly what we are looking
for in financial partners," said Libby
Wadle, CEO, J.Crew Group. "Together, we will create the
opportunity for our consumers to receive an easy and convenient
credit experience that will meet their ever-changing needs."
"Our partnership with J.Crew and Mastercard provides a unique
opportunity for us to showcase the full breadth of Synchrony's
digital, analytics and innovative capabilities," said Darrell Owens, SVP and Head of the Lifestyle
Platform at Synchrony. "Together we plan to create a unique
customer experience and convenient payment solutions for this
iconic brand and its customers."
"As consumers seek more curated financial services and products,
it's important that we continue to provide choice and benefits that
match their lifestyles," said Chiro
Aikat, EVP, U.S. Market Development, Mastercard. "In
partnership with J. Crew and Synchrony, we're bringing safe and
seamless offerings to J.Crew shoppers that add value and enhance
loyalty for their favorite brands."
J.Crew Group will provide customers additional information in
the coming months regarding the anticipated transition to the new
card program in 2024.
Advantage Consulting acted as financial advisers to J.Crew Group
and Dentons served as J.Crew Group's legal counsel. Davis Wright
Tremaine LLP acted as legal counsel to Synchrony.
About J. Crew Group (JCG)
J.Crew Group (JCG) is an internationally recognized omnichannel
retailer and family of great American brands: J.Crew, J.Crew
Factory and Madewell—each distinct in their identities yet together
possessing a shared purpose. The J.Crew Group builds iconic brands
and products, creating a destination for personal style that
endures. As of October 28, 2023, the
Company operates 120 J.Crew retail stores, 154 Madewell stores, and
215 J.Crew Factory stores in nearly every state in the United States, and maintains a robust
ecommerce presence. For more information visit jcrew.com,
jcrewfactory.com, and madewell.com.
About Mastercard
Mastercard is a global technology
company in the payments industry. Our mission is to connect and
power an inclusive, digital economy that benefits everyone,
everywhere by making transactions safe, simple, smart and
accessible. Using secure data and networks, partnerships and
passion, our innovations and solutions help individuals, financial
institutions, governments and businesses realize their greatest
potential. Our decency quotient, or DQ, drives our culture and
everything we do inside and outside of our company. With
connections across more than 210 countries and territories, we are
building a sustainable world that unlocks priceless possibilities
for all. Visit www.mastercard.com.
About Synchrony
Synchrony (NYSE: SYF) is a
premier consumer financial services company delivering one of the
industry's most complete digitally-enabled product suites. Our
experience, expertise and scale encompass a broad spectrum of
industries including digital, health and wellness, retail,
telecommunications, home, auto, outdoor, pet and more. We have an
established and diverse group of national and regional retailers,
local merchants, manufacturers, buying groups, industry
associations and healthcare service providers, which we refer to as
our "partners." We connect our partners and consumers through our
dynamic financial ecosystem and provide them with a diverse set of
financing solutions and innovative digital capabilities to address
their specific needs and deliver seamless, omnichannel experiences.
We offer the right financing products to the right customers in
their channel of choice. For more information, visit
www.synchrony.com.
Contacts:
Lauren Sawyer
J.Crew
Lauren.Sawyer@JCrew.Com
Will O'Connor
Mastercard
Will.O'Connor@mastercard.com
Lauren Devilbiss
Synchrony
Lauren.Devilbiss@syf.com
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SOURCE Synchrony