Kohl’s and Capital One announced last week a multi-year extension of their private label credit card program agreement several years ahead of the date their current contract is set to expire.
“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,” Kohl’s Chairman, CEO and President Kevin Mansell said. “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.”
The agreement comes several years ahead of the date the current agreement between Kohl’s and Capital One is set to expire, which Kohl’s said is part of an effort to focus on initiatives aimed at driving long-term growth.
“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,” Capital One Chairman and CEO Richard D. Fairbank said. “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.”