On Thursday, Citi Retail Services, a unit of Citigroup Inc. C entered into a new multi-year credit card agreement with recognized N.Y. based apparel brand – Brooks Brothers. Citi Retail Services offers consumer as well as commercial credit card products, services, and retail solutions to national and regional retailers throughout the U.S. The business serves roughly 90 million accounts for a number of premier brands.
Per the terms, Citi will provide private label and co-branded credit cards for Brooks Brothers. Moreover, Citi will get hold of current Brooks Brothers’ card portfolio.
Established in 1818, Brooks Brothers provides incomparable customer services establishing multi-generational relationships with 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."
With the formation of this new relationship, Citi Retail Services' Craig Vallorano, Managing Director for Business Development and Strategy, foresees further such partnerships with the renewal of existing agreements. He stated, "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."
Since the beginning of 2014, Citi has been forming various new card relationships including Best Buy, Volkswagen U.S. and CNH Industrial. For Citi Retail Services, the addition of Brooks Brothers’ credit portfolio reinforces its position as a chief provider of private label and co-branded card products to clients. The business services accounts for a number of major brands, including Best Buy, ExxonMobil XOM, Macy's M, Sears, Shell (RDS.A) and The Home Depot HD. Brooks Brothers’ leadership position in the apparel brand, combined with Citi’s expertise, will likely enable better service for customers.
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