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:
You must be a registered member of Direct Marketing News to post a comment.
close

Next Article in Data/Analytics

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

Featured Listings

More in Data/Analytics

Epicor to Acquire Analytics Provider QuantiSense

Epicor to Acquire Analytics Provider QuantiSense

Retail solutions provider seeks to up its data analytics game for large and midsized retailers.

One Third of Companies Fail to Measure Data Quality ROI

One Third of Companies Fail to Measure Data ...

Twenty percent of companies assume their data quality tools pay off, while another 10% doesn't monitor ROI at all.

Ensighten and Anametrix Unite in an Open Relationship

Ensighten and Anametrix Unite in an Open Relationship

Ensighten's purchase of the analytics company is about giving ultimate ownership of data to marketers, says CEO Josh Manion.