SIGNET JEWELERS has combined its existing Credit arrangements into one program with Bread running through December 31, 2035, followed by possible two-year renewals. The agreement matters to investors because Signet expects it to support further Margin expansion over time while improving customer experience and preserving profit sharing under the program.

Key Highlights

  • Bread will share a portion of profits generated under the combined program with Signet.
  • Bread will be the exclusive U.S. issuer of open-ended credit products carrying specified Signet trademarks, subject to exceptions.
  • Signet can purchase, or arrange a third party’s purchase of, the program Assets when the agreement ends.

SIGNET JEWELERS LTD (NYSE: SIG) has combined its Sterling and Zale credit arrangements into one program running through December 31, 2035. The filing is dated September 9, 2026, and the agreement can continue through successive two-year renewals if both parties agree. The program involves Sterling, Zale, Comenity Bank and Comenity Capital Bank and provides for credit cards to be issued to Sterling and Zale customers. Bread will continue operating the primary source program for issuing those credit cards.

Combined Credit Program Reset

The second amended and restated agreement replaces the two prior arrangements dated May 14, 2021, one between Sterling and Comenity Bank and the other between Zale and Comenity Capital Bank. Those programs now continue as a single combined credit card program. Comenity Bank and Comenity Capital Bank are subsidiaries of Bread Financial Holdings, Inc (NYSE: BFH). Under the agreement, Bread will service, maintain, administer, collect upon and promote the credit card program according to its terms. The program includes a signing Bonus that may have to be repaid under certain conditions if the agreement ends. It also contains a profit-sharing structure under which Bread will provide Signet with a portion of the profits generated through the program.

U.S. Trademark Credit Rights

The covered brands include Kay, Jared, Zales and Banter by Piercing Pagoda, along with other specified regional brands. The exclusivity provision includes exceptions, including permission for a second-look program. The agreement also includes customary representations, warranties and covenants. The agreement also provides for continued technological advancements, analytics to enable data-driven Marketing and enhanced customer experience and credit capabilities.

Program Assets After Termination

When the agreement expires or is terminated, Signet retains an option to purchase the program assets from Bread or arrange their purchase by a third party it nominates. Its initial term remains in place through December 31, 2035, unless either party terminates it earlier.