Capitol One Financial Corporation and Kohl's department stores have announced a multi-year extension of their their private label credit card program agreement. The extension comes several years in advance of when the contract is set to expire, and serves a strong vote of confidence between the two companies.
"One helps us manage these valuable relationships," said Kevin Mansell, Kohls chairman, CEO and president in a released statement. "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."
The contract extension pushes Capitol Ones general plan to expand the store-branded cards segment of their business.
“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," said Richard D. Fairbank, Chairman and Chief Executive Officer of Capital One. "Moving several years early to extend this partnership is an indication of the success we are already achieving together.”
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