Australian retailer David Jones has signed on Latitude Financial Services in an exclusive 10-year agreement to provide credit cards for the department store brand.
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.
David Jones CEO Scott Fyfe said its financial services program is a core pillar of its overall consumer offering.
“We have partnered with Latitude because we have a common vision to deliver a best-in-class, digital-first card offering to our customers,” Fyfe said. “We will launch our brand-new card program in 2023 and we look forward to welcoming our existing and new customers.”
Latitude CEO and MD Ahmed Fahour welcomed to new deal.
“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,” Fahour said.
“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.”
The program will be led by David Jones GM Jess Aloi, who said the brand 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,” Aloi said. “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.”
David Jones has 42 locations across Australia and New Zealand, as well as online in Australia.