|Hearst Magazines and J. C. Penney Company, Inc. Partner to Launch Gifting Grace(TM) and CLAD(TM)|
PLANO, Texas & NEW YORK, Nov 11, 2010 (BUSINESS WIRE) --
Beginning in summer 2011, J. C. Penney Company, Inc. (NYSE: JCP) will launch two new retail businesses - called Gifting Grace and CLAD - in a marketing partnership with Hearst Magazines. The sites will debut under J. C. Penney Company Inc.'s newly formed Growth Brands Division, a business unit created to pursue high potential opportunities and leverage the Company's exceptional merchandising, marketing, product development, sourcing, IT, and planning and allocation capabilities.
Gifting Grace and CLAD are part of a strategic promotional relationship between Hearst Magazines and J. C. Penney Company, Inc., designed to create the next generation of online retail businesses.
Gifting Grace & CLAD: A Strategic Collaboration with Hearst
Recognizing and capitalizing on the power of both companies creates a unique opportunity to gain a significant share of consumers' growing e-commerce spend. Hearst Magazines will lend its vast brand expertise and consumer reach, and J. C. Penney will leverage its industry-leading retail infrastructure.
In this marketing partnership, Hearst Magazines' renowned brands will curate items alongside the Growth Brands Division's buying teams to offer customers the perfect merchandise mix along with a satisfying user experience. Promotional sections in Hearst's magazines and on its web sites will help raise awareness, driving traffic to and engagement for the CLAD and Gifting Grace sites.
Myron E. (Mike) Ullman, III, chairman and chief executive officer, said, "We are very proud to collaborate with the talented team from Hearst, as we launch the first two businesses from the Growth Brands Division. The combination of our deep experience in retail which includes jcp.com - one of the biggest e-commerce sites on the web - and Hearst's creative authority enables us to build comprehensive online retail solutions and gain market share from high potential opportunities."
Frank A. Bennack, Jr., vice chairman and chief executive officer of Hearst Corporation, added, "We have a long history of working with J. C. Penney and are thrilled to be collaborating with them on this new retail venture, which will leverage the brand expertise of Hearst Magazines to drive consumers to make e-commerce purchases. Partnerships like this represent the future of how content and retail can go hand in hand."
Targeting women ages 30 to 54, giftinggrace.com will be a comprehensive online gifting resource offering an extensive assortment of unique and memorable gift items, compelling content and convenient tools for the year-round gift-giver. Hearst Magazines' brands, such as Good Housekeeping and Redbook, will work closely with the buyers from giftinggrace.com to identify and curate merchandise that will appeal to women searching for that perfect gift. Online tools will help these consumers manage their gift lists; engage in a community with giving and receiving tips/ratings; and share their favorite gifting success stories. With hundreds of billions spent on gifts in the U.S. and no clear digital leader, giftinggrace.com will provide an elegant experience for gift-givers who take great care in finding exceptional gifts for friends and loved ones. Giftinggrace.com will launch in summer 2011 supported by in-book and online marketing and promotion in various Hearst Magazines.
A complete online modern menswear resource aimed at fashionable men ages 25 to 54, CLAD is set to launch in summer 2011 and will provide a full assortment of well-curated designer brands in a savvy digital environment. Esquire, a leading men's magazine and the go-to publication for fashionable guys, will work in concert with the CLAD team to ensure that the product assortment and branding speak directly to this savvy, stylish man. CLAD will provide tools to make it easy for him to shop often with special fit solutions that will ensure he gets the right fit no matter what brand he is buying. As technology evolves, so will CLAD, which will constantly upgrade the digital experience and address the technology needs of the busy professional.
About J. C. Penney Company, Inc.
J. C. Penney Company, Inc., traded on the New York Stock Exchange under the ticker symbol JCP, is a Plano, Texas-based holding company with $17.6 billion in sales. The Company has over 1,100 retail locations throughout the United States and Puerto Rico under the JCPenney brand name. Its Growth Brands Division, a division pursuing high potential opportunities in the retail sector, includes both store and online initiatives. With the largest product development & sourcing organization in the retail industry, J. C. Penney Company, Inc. continues to be the forerunner in retail merchandise innovation.
About Hearst Magazines
Hearst Magazines is a unit of Hearst Corporation (www.hearst.com), one of the nation's largest diversified communications companies with interests in magazines, newspapers, digital media, business media and television. As one of the world's largest publishers of monthly magazines, Hearst Magazines publishes nearly 200 editions around the world, including 14 U.S. titles and 20 magazines in the United Kingdom, published through its wholly owned subsidiary, The National Magazine Company Limited. Hearst Magazines is a leading publisher of monthly magazines in the U.S. in terms of total circulation (ABC June 2010) and reaches 73 million adults (Spring 2010 MRI).
Its digital media unit operates 24 websites and 10 mobile sites for brands such as Cosmopolitan, Popular Mechanics, Esquire, Good Housekeeping, Marie Claire and Seventeen, as well as digital-only sites such as Delish.com, a food site in partnership with MSN; TheDailyGreen.com; MisQuinceMag.com; RealBeauty.com; social shopping site Kaboodle.com; and consumer health site RealAge.com. Currently, Hearst Magazines has nine iPhone applications; all of its titles are available on the iPad via the Zinio application; and by the end of the year, the company expects to have at least 35 iPhone and iPad applications for its brands.
SOURCE: J. C. Penney Company, Inc.
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