New York, NY, and Atlanta, GA Brooks Brothers, America's longest established apparel brand, and Citi Retail Services, one of the country's largest and most experienced private label credit card issuers, announced today their new multi-year credit card relationship. As part of the agreement, Citi Retail Services, a unit of the 203-year-old global bank, will provide private label and co-branded credit cards for the nearly 200-year-old retailer. The transaction included Citi's acquisition of the existing Brooks Brothers card portfolio.
"For nearly 200 years Brooks Brothers has prided itself on delivering exceptional customer service and building multi-generational relationships with our customers," said Brooks Brothers CEO Claudio Del Vecchio. "Our newly formed partnership with Citi and their commitment to innovation and service will help ensure that we continue to put the customer first."
"This is a significant new relationship for Citi Retail Services and continues our momentum on the heels of several new partnership agreements and renewals," said Citi Retail Services' Craig Vallorano, Managing Director for Business Development and Strategy. "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's agreement with Brooks Brothers follows new card relationships with Best Buy, Volkswagen U.S. and CNH Industrial as well as seven contract renewals with top retailers, including Macy's, Inc., since the beginning of 2014.
Brooks Brothers is transforming its growth strategy globally to ensure continuous innovation and meet changing customer demands. As part of this transformation Brooks Brothers is enhancing its omni-channel capabilities and sought Citi Retail Services as a partner to help with this transformation and to help expand and deepen customer relationships.
Citi Retail Services provides consumer and commercial credit card products, both private label and co-branded, to retailers and their clients across North America. The business serves nearly 90 million accounts for a number of iconic brands, including Best Buy, ExxonMobil, Macy's, Sears, Shell and The Home Depot. In addition to credit services, Citi Retail Services distinguishes itself by offering cutting-edge digital options, multi-channel retailing expertise and industry-leading analytics capabilities that help retailers grow their businesses.
About Brooks Brothers: Established in 1818, Brooks Brothers was the first to offer ready-to-wear clothing and has continued throughout history with iconic product introductions including: seersucker, madras, the non-iron shirt and the original button-down collar. Nearly two centuries later, Brooks Brothers is proud to uphold the same traditions and values and to be the destination for ladies and gentlemen from every generation. Since its founding 197 years ago in New York, Brooks Brothers has become a legendary international retailer while maintaining a steadfast commitment to exceptional service, quality, style and value. For more information visit: www.BrooksBrothers.com. Additional information may be found at: Facebook: www.facebook.com/brooksbrothers or Twitter: @brooksbrothers.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi.