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.
![(PRNewsfoto/Capital One Financial Corp.) (PRNewsfoto/Capital One Financial Corp.)](https://mma.prnewswire.com/media/953401/Capital_One_Logo.jpg)
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.
Visit the Capital One newsroom for more Capital One news.
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.
![Williams-Sonoma, Inc. Williams-Sonoma, Inc.](https://mma.prnewswire.com/media/1533782/Williams_Sonoma_Inc.jpg)
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SOURCE Capital One