Citigroup (NYSE: C) announced today a multi-year renewal of its long-standing U.S. private label credit card partnership with The Children’s Place Retail Stores Inc., the largest pure-play children’s specialty apparel retailer in North America. Since 1994, Citi has provided private label financing to The Children’s Place, providing stores with quick and efficient processing, and customers with flexible payment options and special credit promotions that drive increased loyalty and customer satisfaction.
The retail chain provides another avenue for Citi to grow it’s customer base, and with attractive demographics occupies an important place in the market. Craig Vallorano, Executive Vice President, Partnership Management, Citi Retail Partner Card, commented “Citi is proud of our long-standing partnership with The Children’s Place. We look forward to offering exciting new consumer credit offers and continuing to provide a best in class in-store customer experience.”
Retail Partner Cards, within Citi Holdings, provides consumer and commercial credit card products and services, including private label credit cards, for national and regional retailers across the U.S. The business services more than 40 million customers and consists of managed assets of approximately $50 billion. Retail partners include The Home Depot, Shell, Macy’s, Sears, and ExxonMobil, among others.
As Citi continues to reshape and focus on core lines of business, this news is welcome. As Pandit’s management team continues to focus on solidifying it’s financial position, maintaining it’s Card network provides an important lifeline into consumer credit.
