STAMFORD, Conn.--(BUSINESS WIRE)--GE Money, the consumer lending unit of General Electric Company (NYSE:GE), today announced a multi-year agreement to with Lord & Taylor offer the Lord & Taylor Credit Card through the company's 47 stores located in the Northeastern United States and on its Web site.
"Partnering with GE Money on our private label credit program will enable us to continue to focus on innovation, customer service and being at the forefront of fashion as we continue to position the store for the 21st century," said Jane Elfers, Lord & Taylor's President and CEO. GE Money has more than 70 years of consumer finance expertise, offering customers rich loyalty programs and exclusive benefits.
The newly designed Lord & Taylor Credit Card will be issued by GE Money Bank to the store's existing 1.5 million cardholders, as well as marketed to new customers. Lord & Taylor has created a buzz in the fashion industry by demonstrating its commitment to upgrading merchandise assortments, brand packaging and in-store services and amenities, a repositioning effort of the last four years spearheaded by Elfers. Lord & Taylor has launched a $10 million rebranding campaign aimed at modernizing the store's image while celebrating its 181-year-old heritage. The no-annual-fee card, with its exclusive cardholder benefits, is another instance of the store's commitment to raising its level of service. It will enable new cardholders to receive 15 percent off their entire first-day purchases made with the card, as well as offering advanced notice of events, valuable savings and on-line account services. A rewards program is expected to be introduced in 2008. Lord & Taylor worked with Auriemma Consulting Group to evaluate providers to service its credit portfolio.
"Private label credit programs, such as the Lord & Taylor card, provide greater brand loyalty and increased sales," said Margaret Keane, president and chief executive officer, GE Money - Retail Consumer Finance. "Customers appreciate the unique advantages offered that increase their buying power and enable them to purchase the items they want and need."
About Lord & Taylor
Lord & Taylor is an upscale specialty department store with 47 stores in nine states and the District of Columbia. Lord & Taylor has built a reputation for attentive customer service and high-quality merchandise focused on apparel and accessories. Founded in 1826, Lord & Taylor's is America's oldest department store and one of America's premier retailers. For more information please go to www.lordandtaylor.com.
About GE Money
With $190 billion in assets, GE Money, a unit of General Electric Company (NYSE:GE), is a leading provider of credit services to consumers, retailers and auto dealers in 55 countries around the world. GE Money, based in Stamford, Conn., offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans and credit insurance. More information can be found online at www.gemoney.com.
GE (NYSE:GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
Contacts
GE Money:
Steven Harlan, 913-676-4049
[email protected]
or
Richard Jones, 203-585-6701
[email protected]
or
Lord & Taylor:
LaVelle Olexa, 212-382-7819
[email protected]
Cristy Williams
[email protected]
678.518.2596