Citi announced yesterday (June 25) it will partner with long established apparel brand Brooks Brothers in an exclusive credit card relationship. The global bank’s Citi Retail Services unit will provide private label and co-branded credit cards for the retailer as part of the new multi-year agreement. Through the transaction, Citi also acquired Brooks Brothers’ existing credit card portfolio.
“This is a significant new relationship for Citi Retail Services and continues our momentum on the heels of several new partnership agreements and renewals,” Citi Retail Services’ Managing Director for Business Development and Strategy Craig Vallorano said in a company release. “Brooks Brothers is one of the most iconic apparel and lifestyle brands in the world, and we are pleased they chose us as a partner to continue to grow their business while serving their loyal, engaged customers.”
Citi Retail Services provides credit card products, both private label and co-branded, to retailers and their clients throughout the U.S. The business unit serves almost 90 million accounts for various retailers and brands, including Best Buy, The Home Depot and Macy’s. The announcement of the partnership with Brooks Brothers follows numerous other new card relationships Citi has pursued since early 2014, including the release of its AT&T Access More card back in April.
As Brooks Brothers seeks to expand its global growth strategy, it sought out Citi Retail Services as a partner to assist with enhancing its omnichannel capabilities and ensuring continuous innovation, the company statement said.
“For nearly 200 years Brooks Brothers has prided itself on delivering exceptional customer service and building multi-generational relationships with our customers,” Brooks Brothers CEO Claudio Del Vecchio said. “Our newly formed partnership with Citi and their commitment to innovation and service will help ensure that we continue to put the customer first.”
Among credit service providers, Citi Retail Services differentiates itself by offering digital options, multi-channel retailing expertise and analytics capabilities, which aim to help retailers grow their businesses, the company added.