Synchrony and Lowe's announces multi year extension of strategic partnership.
M2 EQUITYBITES-August 14, 2018-Synchrony and Lowe's announces multi year extension of strategic partnership
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Synchrony (NYSE:SYF) and Lowe's Companies Inc (NYSE:LOW) disclosed on Tuesday a multi-year extension of their strategic partnership, whereby Synchrony offers Lowe's customers improved purchasing options and other benefits.
Under the extension, Synchrony will continue to manage and service the consumer and comm ercial credit card programmes for Lowe's customers at the retailers' over 1,740 US stores, as well as on Lowes.com. The programmes includes a 5% off every day for all cardholders and special promotional offers to drive sales.
Further, the companies mentioned that this credit partner relationship began in 1979 with a Lowe's store card and has since expanded to multiple offerings that provide benefits to both consumers and businesses. Synchrony continues to make strategic investments in the Lowe's programme by advancing technology capabilities. Theseinclude the Synchrony Plug-in (SyPI) to make mobile in-app commerce easier and an in-store digital credit application that quickly provide financial options to customers.
Finally, Synchrony backs three credit cards available through Lowe's: the Lowe's Advantage Card, the Lowe's Business Account and Lowe's Accounts Receivable.
Lowe's is a home improvement company in the US, Canada and Mexico. It reported fiscal year 2017 sales of USD68.6bn and together with its related businesses, operate or service over 2,390 home improvement and hardware stores and employ over 310,000 people. The company was founded in 1946 and is based in Mooresville, North Carolina.
A consumer financial services company, Synchrony provides customised financing programmes with consumer banking products. It financed USD130bn in sales and has 74.5m active accounts.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Aug 14, 2018|
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