MCLEAN, Va., June 15, 2021 /PRNewswire/ -- Capital One Financial (NYSE: COF) today announced it has entered into a program agreement with Williams-Sonoma, Inc. (NYSE: WSM), the world's largest digital-first, design-led and sustainable home retailer, becoming the exclusive long-term issuing partner for Williams-Sonoma, Inc.'s new co-brand and private-label credit card program. The partnership will include Williams Sonoma, Pottery Barn, Pottery Barn Teen, Pottery Barn Kids, West Elm and Mark & Graham and allow customers to shop and earn rewards across the family of brands. The new credit cards and loyalty enhancements are expected to launch before the end of 2021.
In connection with the new Williams-Sonoma, Inc. credit card program, Capital One has entered into a definitive purchase and sale agreement under which it will acquire the existing portfolio of Williams-Sonoma, Inc. credit card accounts subject to the satisfaction or waiver of customary closing conditions. Over the coming months, more details will be provided to existing cardmembers on the transition to the new card program.
"Williams-Sonoma, Inc. and Capital One share a commitment to providing our customers with best-in-class digital innovation to enhance the customer experience," said Laura Alber, President and CEO of Williams-Sonoma, Inc. "Our partnership with Capital One will allow us to also provide enhanced rewards to our cardmembers, enabling them to earn and redeem across our family of brands."
"With its iconic collection of premium home furnishings, decor brands and digital-first approach, Williams-Sonoma, Inc. is an ideal partner for Capital One," said Buck Stinson, Senior Vice President, Head of U.S. Card Partnerships at Capital One. "In addition to strategic alignment, Williams-Sonoma, Inc. and Capital One share a mutual commitment to sustainability that will be reflected in meaningful ways in the refreshed credit card and loyalty program."
Visa, the world leader in digital payments, will continue to be the exclusive network for the Williams-Sonoma, Inc. credit card portfolio with the new co-brand credit card issued on its payment network.
Capital One expects this partnership to provide a strong platform for future growth and returns in its Partnerships credit card business.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $310.3 billion in deposits and $425.2 billion in total assets as of March 31, 2021. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.
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About Williams-Sonoma, Inc.
Williams-Sonoma, Inc. is the world's largest digital-first, design-led and sustainable home retailer. The company's products, representing distinct merchandise strategies — Williams Sonoma, Pottery Barn, Pottery Barn Kids, Pottery Barn Teen, West Elm, Williams Sonoma Home, Rejuvenation, and Mark and Graham — are marketed through e-commerce websites, direct-mail catalogs and retail stores. These brands are also part of The Key Rewards, our free-to-join loyalty program that offers members exclusive benefits across the Williams-Sonoma family of brands. We operate in the U.S., Puerto Rico, Canada, Australia and the United Kingdom, offer international shipping to customers worldwide, and have unaffiliated franchisees that operate stores in the Middle East, the Philippines, Mexico, South Korea and India, as well as e-commerce websites in certain locations. We are also proud to lead the industry with our ESG efforts. Our company is Good By Design — we've deeply engrained sustainability into our business. From our factories to your home, we're united in a shared purpose to care for our people and our planet.
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SOURCE Capital One