David Jones signs Latitude as credit cards partner in exclusive 10-year deal
Latitude Financial today announced that it has secured an exclusive 10-year agreement to provide credit cards for leading Australian retailer David Jones.
Under the agreement, Latitude will begin issuing two new credit cards to qualifying David Jones customers from September 2023. The new David Jones credit cards will offer customers additional benefits, while retaining most features of David Jones’ current cards.
The terms also confirm plans for Latitude to acquire David Jones' existing cards portfolio subject to further agreement and following the expiry of David Jones’ partnership with American Express.
Latitude CEO and Managing Director Ahmed Fahour said: “This new partnership with David Jones, one of our most iconic and premium omnichannel retailers with more than $2 billion in sales and 59.5 million store visits in 2021, further cements Latitude’s position as the finance partner of choice for Australia’s biggest brands.
“With its 42 stores and substantial online presence, David Jones understands the value to customers of its credit cards and is focused on growing and innovating the portfolio over the next 10 years. This is an exciting partnership which will add an important new revenue stream, introduce new customers to Latitude and enable us to further develop our white label capabilities in support of all our current and future partners.”
David Jones CEO Scott Fyfe said: “Our Financial Services program is a core pillar of our service offering to our customers. We have partnered with Latitude because we have a common vision to deliver a best-in-class, digital-first card offering to our customers. We will launch our brand-new card program in 2023 and we look forward to welcoming our existing and new customers.”
The program will be led by David Jones General Manager Jess Aloi, who said: “David Jones has a long history of innovation in financial services. We first offered credit to our most valued customers in the 1870s and launched the David Jones credit card in the 1940s. David Jones has always provided customers with unique retail experiences and, as we look to the future, we wanted to transform our financial services offering into something that is modern and premium as we continue to offer a truly unique customer experience.”
Latitude is Australia’s leading consumer lender with more than 2.8 million customer accounts across Australia and New Zealand. Its partner network of more than 5,500 retailers includes Harvey Norman, JB HiFi, The Good Guys, Samsung and Apple.
About David Jones
David Jones is Australasia’s leading premium department store retailer. The iconic department store first opened its doors in 1838 with the mission to sell ‘the best and most exclusive goods’ and celebrates its 185th anniversary in 2023. David Jones has 42 locations across Australia and New Zealand as well as davidjones.com in Australia and is the oldest continuously operating department store in the world still trading under its original name.
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