Qurate Retail Group division has new financial partner
A new company will be managing the Home Shopping Network’s (HSN) credit cards.
The division owned by Qurate Retail Group announced Thursday that Synchrony Financial will manage HSN’s private label credit card services beginning in August 2019. (HSN is owned by Qurate Retail Group.) The deal ends HSN’s relationship with Comenity Capital Bank.
“For HSN’s new credit program, we selected a trusted provider with the right combination of deep experience with a tech-forward view on customer service, marketing and innovation,” said Alex Miller, senior VP of digital commerce & marketing, Qurate Retail Group.
Additionally, Synchrony is extending multi-year agreements with two other brands within Qurate's portfolio: QVC and Zulily. Synchrony and multi-platform retailer QVC have worked together since 2005, and it has been a partner with e-commerce retailer Zulily since 2017. Through the deal, Synchrony plans to grow its embedded cross-functional team, a move that will enable the company to drive innovative products and services across Qurate’s brands.
“As we continue to create differentiated shopping experiences across our networks, websites, apps and social pages, our private label credit card program with Synchrony will help us deliver compelling value and choice to consumers,” Miller added.
The new deal comes on the heels of Synchrony ending a nearly 20-year relationship with Walmart. In July, the discount giant announced that Capital One would be the exclusive issuer of Walmart’s private label and co-branded credit card program in the United States. The partnership kicks off Aug. 1, 2019.
However, some bad blood has surfaced since the separation was announced. In November, Walmart filed a lawsuit against Synchrony, claiming that the company was in breach of contract. According to the lawsuit, Walmart said that some of the underwriting standards at Synchrony hurt the retailer’s business financially. The discounter is seeking damages of no less than $800 million.
The financial company disagreed, issuing a statement in which it called the lawsuit “nothing more than an attempt by Walmart to exert leverage and avoid the contractually defined process for valuing the loan portfolio that Synchrony has serviced on behalf of millions of Walmart customers for the last 20 years…Ultimately, Walmart is trying to avoid paying the fair market value for the portfolio as required by our contract.”
The division owned by Qurate Retail Group announced Thursday that Synchrony Financial will manage HSN’s private label credit card services beginning in August 2019. (HSN is owned by Qurate Retail Group.) The deal ends HSN’s relationship with Comenity Capital Bank.
“For HSN’s new credit program, we selected a trusted provider with the right combination of deep experience with a tech-forward view on customer service, marketing and innovation,” said Alex Miller, senior VP of digital commerce & marketing, Qurate Retail Group.
Additionally, Synchrony is extending multi-year agreements with two other brands within Qurate's portfolio: QVC and Zulily. Synchrony and multi-platform retailer QVC have worked together since 2005, and it has been a partner with e-commerce retailer Zulily since 2017. Through the deal, Synchrony plans to grow its embedded cross-functional team, a move that will enable the company to drive innovative products and services across Qurate’s brands.
“As we continue to create differentiated shopping experiences across our networks, websites, apps and social pages, our private label credit card program with Synchrony will help us deliver compelling value and choice to consumers,” Miller added.
The new deal comes on the heels of Synchrony ending a nearly 20-year relationship with Walmart. In July, the discount giant announced that Capital One would be the exclusive issuer of Walmart’s private label and co-branded credit card program in the United States. The partnership kicks off Aug. 1, 2019.
However, some bad blood has surfaced since the separation was announced. In November, Walmart filed a lawsuit against Synchrony, claiming that the company was in breach of contract. According to the lawsuit, Walmart said that some of the underwriting standards at Synchrony hurt the retailer’s business financially. The discounter is seeking damages of no less than $800 million.
The financial company disagreed, issuing a statement in which it called the lawsuit “nothing more than an attempt by Walmart to exert leverage and avoid the contractually defined process for valuing the loan portfolio that Synchrony has serviced on behalf of millions of Walmart customers for the last 20 years…Ultimately, Walmart is trying to avoid paying the fair market value for the portfolio as required by our contract.”