Saks Sells Card Program for $1.4 Billion

Share this article:
Luxury retailer Saks Inc. has sold for $1.4 billion the right to operate its private-label credit card business and most accounts as well as outstanding balances on those accounts.


Household International, the new owner, is a leading provider of consumer finance products and owns brands like HFC and Beneficial. The deal seeks to combine Birmingham, AL-based Saks' experience in customer account service -- a function it retains -- with Household's risk and database management specialty.


As a result, both companies will pool marketing analysis and database management to boost tailored products and promotions. Saks has 4.6 million active cardholders, and purchases made via its card account for 43 percent of company sales. Saks will use the credit card program's sales proceeds to buy back stock.


Share this article:
close

Next Article in Data/Analytics

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

Featured Listings

More in Data/Analytics

Data Helps Wyndham Hotel Group Deliver a Five-Star Experience

Data Helps Wyndham Hotel Group Deliver a Five-Star ...

The hotel company relies on technology to ensure that its rates and inventory are in sync across platforms.

Oracle Data Cloud Floats Into View

Oracle Data Cloud Floats Into View

It merges its BlueKai capabilities with other assets to introduce Oracle Data as a Service for marketing and social.

AmEx Veteran Takes COO Role at Acxiom

AmEx Veteran Takes COO Role at Acxiom

Kerry Hatch ran American Express's OPEN business card division and led units at Starwood and Time Inc.