MCLEAN, Va.--(BUSINESS WIRE)--Kohl’s Department Stores (NYSE: KSS) and Capital One Financial Corporation (NYSE: COF) today announced a multi-year extension of their private label credit card program agreement. The contract extension with Kohl’s enables consumers to have expanded buying power and solidifies an already strong partnership. Kohl’s high product standards and the company’s focus on customer service extends through its private label credit card program which offers cardholders access to exclusive offers, guaranteed savings and online payment services.
“The Kohl’s credit program is an important element of our engagement with our most loyal customers, and our strong partnership with Capital One helps us manage these valuable relationships,” said Kevin Mansell, Kohl’s chairman, CEO and president. “We chose to partner with Capital One in 2011 because of their financial strength and our shared commitment to driving profitable sales and creating lasting relationships with our Kohl's card holders. The results over the first three years of our partnership have only confirmed that choice. Capital One's strategic, analytical approach makes them a perfect partner for Kohl's from both a cultural and financial perspective. Although the term of our agreement wasn't scheduled to expire for several years, we wanted to extend it even further so we could continue to focus together on long-term growth initiatives.”
“Our partnership with Kohl’s shows how a card program can be a great strategic asset for our partners, enabling sales and delivering great value, loyalty and an exceptional customer experience,” said Richard D. Fairbank, Chairman and Chief Executive Officer of Capital One. “The Kohl’s partnership is a perfect example of the kind of opportunity we see in the Partnerships business, where success comes from selectively working with outstanding partners who are motivated to build a franchise that delivers great value to their customers. Moving several years early to extend this partnership is an indication of the success we are already achieving together.”
Capital One’s long-term partnership with Kohl’s reinforces the company’s commitment to grow its Credit Card Partnership business. With operations based in Illinois and Virginia, Capital One’s Partnership division is a leading provider of retail and co-brand payment solutions for some of the nation’s most influential companies.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N. A., had $208.3 billion in deposits and $290.5 billion in total assets as of March 31, 2014. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has more than 900 branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.
About Kohl's
Kohl’s (NYSE: KSS) is a leading specialty department store with 1,160 stores in 49 states. With a commitment to inspiring and empowering families to lead fulfilled lives, the company offers amazing national and exclusive brands, incredible savings and inspiring shopping experiences in-store, online at Kohls.com and via mobile devices. Committed to our communities, Kohl’s has raised more than $257 million for children’s initiatives nationwide through its Kohl’s Cares® cause merchandise program, which operates under Kohl's Cares, LLC, a wholly-owned subsidiary of Kohl's Department Stores, Inc. For additional information about Kohl’s philanthropic and environmental initiatives, visit www.Kohls.com/Cares. For a list of store locations and information, or for the added convenience of shopping online, visit www.Kohls.com.
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