Apparel Online India Magazine November 1st Issue 2018 | Page 12

RETAIL CURRENT APPAREL RESOURCES NEWSLETTERS FACEBOOK FRIENDS To subscribe, send us an email at [email protected] Join more than 10,000 people who are already fans of Apparel Resources on facebook. Search for Apparel Resources at https://www.facebook.com/apparelresources/ JCPenney extends partnership with Synchrony to strengthen in-store customer experience JCPenney, the leading apparel and home furnishing retailer in the US, has extended its 20-year plus partnership with Synchrony, a financial services company. The multi-year deal will allow the American retailer to offer its customers’ financing options. The data analytics will help the brand provide a better-personalised shopper experience. The terms and details of the multi-year deal have not been revealed by any of the involved parties. The fresh agreement also enables Synchrony to manage and service the brand’s payment cards for customers at JCPenney’s retail stores across the US and Puerto Rico, along with the brand’s online marketplace. James Ward, VP of Credit, JCPenney affirmed, “The company’s credit card is an important part of its loyalty program. It serves as a key savings tool for our shoppers to get access to attractive benefits only available to cardholders,” James said. James further added that the extension in partnership with Synchrony will open up flexible financing options and offer valuable benefits to the customers. Additionally, JCPenney recently appointed its new CEO Jill Soltau in a bid to help the brand resurrect itself from the consistently declining sales graph. Notably, JCPenney is also hiring temporary workers in its retail stores to cater to the orders which are expected to rise in the upcoming festive season. The US-based retailer announced that in Florida (US) it is looking to fill in 2,500 positions and across the country, the number will touch 40,000. KappAhl net sales down by 3.2 per cent during FY 2017-18 Sweden-based fashion label KappAhl has announced its year-end report for the year 2017-18. The company recorded a decline of 3.2 per cent in sales due to tough competition and less footfall at stores. During the said period, the operating profit was recorded at SEK 282 million which is significantly lower than the previous year’s profit which was SEK 448 million and the operating margin was at 5.9 (9.1) per cent for the year. Notably, during the year under review, the company opened four new KappAhl outlets while closing the same number of stores as well as converting 23. Newbie Store has continued with its successful expansion spree at the close of the year and also doubled the store to 22 which was 11 last year. Göran Bille, Interim President & Chief Executive Officer, said in a press statement issued that the brand is pleased with the results in the United Kingdom 12 Apparel Online India | NOVEMBER 1-15, 2018 | www.apparelresources.com and in Poland, especially with the way its Newbie brand has performed. “We will continue to expand in these locations and we have managed to launch two new stores here in FY ’18,” Bille said. Furthermore, the net sales during the said period for the Swedish brand was SEK 4,760 million during the year, a decline of 3.2 per cent as compared to the previous year when the number was SEK 4,916 million. While the fashion brand made a significant investment of SEK 172 million which is about 5 million less than what was made during the FY ’17. The company’s operating profit was reduced to SEK 282 million as compared to 448 million during the prior year.