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Sephora to Bring Its Unique Beauty Concept to JCPenney Customers; Sephora's Powerful Combination of Selection, Accessibility and Service to be Available in JCPenney Stores (and at jcp.com); Store-Within-Stores to Begin Rollout by Fall 2006

SAN FRANCISCO & PLANO, Texas--(BUSINESS WIRE)--April 11, 2006--Sephora U.S.A., Inc. ("Sephora"), the beauty authority, and J. C. Penney Company, Inc. (NYSE:JCP), one of the largest department store retailers in the United States, today announced a joint initiative under which Sephora will open "store-within-stores" and be the exclusive beauty offering in JCPenney stores, beginning as early as fall 2006.

Featuring the most innovative approach in the beauty retail industry, the Sephora in JCPenney stores will feature top brands from makeup, skincare, fragrance, and accessory products carried in Sephora's 120 stores across the U.S.

Each JCPenney Sephora will be in a prominent location in the center core of the store. It will have the signature Sephora look, including open-sell gondolas and wall linears, allowing customers easy access to products, and be staffed with a professional team of product consultants trained under the "Science of Sephora" education program.

In addition, the initiative will bring together two Internet powerhouses. Sephora is the largest online retailer of prestige beauty products. Sephora will exclusively service the JCP consumer's online beauty needs through a link to www.sephora.com from www.jcp.com, which recently surpassed $1 billion in annual revenues.

"We see this initiative with JCPenney as a way to dramatically increase our retail presence, while we continue our core strategy of aggressively building free-standing stores across the country," said David Suliteanu, president and chief executive officer of Sephora U.S.A.

"JCPenney's focus on providing relevant merchandise to its broad customer base is consistent with our objectives. This includes America's youngest women, a market in which JCPenney is a significant and rapidly growing factor.

"We believe that JCPenney will continue to grow in size and strength for many years to come. We are excited about being its partner in the key area of beauty."

Myron E. (Mike) Ullman, III, JCPenney chairman and chief executive officer, said, "Our initiative with Sephora is a clear reflection of the transformation underway at JCPenney as we seek to build an emotional connection with our current customers and bring new customers into our stores and onto www.jcp.com. Our customer has been telling us that she wants a beauty and cosmetics selection that is new, exciting, and within her reach. There is simply no better partner to allow us to achieve that than Sephora, the most revolutionary, innovative retailer in the beauty industry.

"We welcome Sephora to JCPenney, and strongly believe that its addition will give our current and new customers another outstanding reason to shop with us."

About JCPenney

J. C. Penney Corporation, Inc., the wholly owned operating subsidiary of J. C. Penney Company, Inc., is one of America's largest department store, catalog, and e-commerce retailers, employing over 150,000 associates. As of Jan. 28, 2006, J. C. Penney Corporation, Inc. operated 1,019 JCPenney department stores throughout the United States and Puerto Rico. JCPenney is the nation's largest catalog merchant of general merchandise, and jcp.com is one of the largest apparel and home furnishings sites on the Internet.

About Sephora

Sephora, the beauty authority, revolutionized the global beauty industry with its unique retail concept rooted in a powerful combination of unparalleled brand and product assortment, distinctive store design and the beauty expertise of its sales consultants. Sephora offers clients a choice of more than 150 beauty brands across a broad range of product categories including makeup, skincare, fragrance, bath & body, hair care, smile care, and accessories, as well as the company's own private label. Sephora was founded in France in 1969 and acquired by Paris-based LVMH Moet Hennessy Louis Vuitton, the world's leading luxury products group, in 1997. Sephora Americas operates more than 125 stores in the United States and Canada, and the world's top prestige beauty website, Sephora.com. Sephora Europe has more than 400 stores within 11 countries and has recently expanded into China.

This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, which reflect JCPenney's current views of future events and financial performance, involve known and unknown risks and uncertainties that may cause JCPenney's actual results to be materially different from planned or expected results. Those risks and uncertainties include, but are not limited to, competition, consumer demand, changes in credit card payment terms, seasonality, economic conditions, including the price and availability of oil and natural gas, changes in management, retail industry consolidations, acts of terrorism or war, and government activity. Please refer to JCPenney's most recent Form 10-K and subsequent filings for a further discussion of risks and uncertainties. Investors should take such risks into account when making investment decisions. JCPenney does not undertake to update these forward-looking statements as of any future date. In addition, non-GAAP terms referenced are defined and presented in JCPenney's 2005 annual report on Form 10-K.

CONTACT: J. C. Penney:
Media Relations
Darcie Brossart, 972-431-3400
jcpcorpcomm@jcpenney.com
or
Investor Relations
Bob Johnson, 972-431-2217
rvjohnso@jcpenney.com
or
Ed Merritt, 972-431-8167 emerritt@jcpenney.com
or
Sephora:
Allison Slater, 212-931-1302
Allison.slater@sephora.com
or
Kekst and Company
Blake Kohn, 212-521-4877

SOURCE: J. C. Penney Company, Inc.

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