J.Crew is partnering with Synchrony and Mastercard.
J.Crew Group is entering a new, multi-year credit card program agreement with two well-known collaborators.
The apparel and accessories retailer is partnering with Synchrony on a digital-first, private label credit card program and together with Mastercard, the companies will launch a co-branded credit card designed for J.Crew and J.Crew Factory customers in the first half of 2024.
As part of this partnership, Synchrony will acquire J.Crew’s existing credit portfolio. Synchrony will also provide J.Crew with a full suite of digital capabilities including mobile wallet provisioning, pre-approval capabilities, scan to apply and direct to a customer’s device credit application options.
The partnership with Mastercard also marks the first time that a new J.Crew Group co-branded card will be available to make purchases outside of J.Crew to obtain rewards, supported by the Mastercard Network. The card will also be integrated with the J.Crew Passport loyalty program, enabling members to receive greater rewards and accelerated tier status with the new card.
“We are thrilled to be working with Synchrony and Mastercard, as their deep industry expertise, leading digital capabilities and collaborative partnership approach are exactly what we are looking for in financial partners,” said Libby Wadle, CEO, J.Crew Group. “Together, we will create the opportunity for our consumers to receive an easy and convenient credit experience that will meet their ever-changing needs.”
“Our partnership with J.Crew and Mastercard provides a unique opportunity for us to showcase the full breadth of Synchrony’s digital, analytics and innovative capabilities,” said Darrell Owens, senior VP and head of the lifestyle platform at Synchrony. “Together we plan to create a unique customer experience and convenient payment solutions for this iconic brand and its customers.”
“As consumers seek more curated financial services and products, it’s important that we continue to provide choice and benefits that match their lifestyles,” said Chiro Aikat, executive VP, U.S. market development, Mastercard. “In partnership with J. Crew and Synchrony, we’re bringing safe and seamless offerings to J.Crew shoppers that add value and enhance loyalty for their favorite brands.”
J.Crew Group will provide customers additional information in the coming months regarding the anticipated transition to the new card program in 2024.
Advantage Consulting acted as financial advisers to J.Crew Group and Dentons served as J.Crew Group’s legal counsel. Davis Wright Tremaine LLP acted as legal counsel to Synchrony.
As of October 28, 2023, J.Crew Group operates 120 J.Crew retail stores, 154 Madewell stores, and 215 J.Crew Factory stores in nearly every state in the U.S., and maintains an active e-commerce presence.