A recent news that hit the financial markets showed that there is a sharp decrease in the credits cards purchase supported by the AmEx network. Sadly, people, especially rich, are leaving its cards and moving to other cards in the industry. Entrepreneur, Chris Burch, who was a loyal customer of AmEx cards since 1979, shifted all of his spendings to Sapphire Reserve card offered by J.P. Morgan Chase, this year. Retaining customers like Burch is considered to be one of the critical challenges of the new Chairman of the firm, Stephen Squeri.
It is already confirmed that the firm is experiencing stiff competition from other banks and payment companies like PayPal. Therefore, Squeri is going to experience tougher days, and his priority should be bringing back millennials as well as loyal customers. Chris Burch confirmed that the concierge service offered by AmEx was not helpful for him to get tables at many high-end restaurants in New York City. He felt that hotel upgrade given to the card was bland. During that time, the employees of Burch suggested him Sapphire Reserve card, and he started using it.
However, Burch wrote about his disappointment to Kenneth Chenault, the outgoing Chairman of the AmEx. To add his disappointment, Burch received a generic email from the customer relations department, after a few weeks. It was clear that AmEx was missing competitive edge slowly and depleted its market without showing any regain strategy. It is confirmed that the card purchase volume of AmEx fell to 22.9% in 2016 to the total card purchase volume of the country compared to 25.4% in 2015.
Chris Burch is a renowned entrepreneur known for investments in various industries from fashion to hospitality. He also founded Burch Creative Capital, a firm that looks for creating disruptive brands in multiple industries by focusing on the entrepreneurial vision and values of Burch. It also efficiently utilizes the market opportunities, incubation, and creativity to produce long-lasting impacts on customer’s life. To learn more about his entrepreneurial vision and output, check burchcreativecapital.com.
To read his views on business related matters, head over to this.
Interestingly, Burch has created over 50 disruptive brands during his 40 years of career. He is known for nourishing brands include Jawbone, Voss Water, Poppin and TRADEMARK, ED by Ellen DeGeneres, Faena Hotel + Universe, Nihiwatu, Cocoon9, and more. Read more about one of his successful investment, click on businessinsider.com. Burch started his ventures since his college days by founding Eagle’s Eye apparel. He is also known for many philanthropic initiatives and contributed to The Sumba Foundation, The Henry Street Settlement, NYU Langone, Mt. Sinai Hospital New York, and more. More to read on bjtonline.com
Be updated with his latest cool offering to the market visit https://www.inc.com/magazine/201106/chris-burchs-latest-cool-company.html