HSBC Retail Acquires Credit Program for Musician's Friend
HSBC's Retail Services unit acquired the credit receivables and will manage the ongoing credit program of Medford, OR-based Musician's Friend, one of the world's largest direct marketers of musical instruments.
Under the deal, Musician's Friend cardholders will be able to use HSBC payment programs and both companies will use the credit card database to market exclusive product and financing offers.
The deal extends coverage of credit to Musician's Friend's boutique brands like Musician.com, a specialist in gear for professional musicians, and Giardinelli.com, which focuses on full-line band and orchestra instruments.
The agreement comes a year after HSBC began to manage the Preferred Player credit card with Guitar Center, Musician's Friend's parent company.
Musician's Friend sells 36,000 products from its Web site and catalog.