PLANO, Texas--(BUSINESS WIRE)--Feb. 1, 2007--J. C. Penney Company, Inc. (NYSE: JCP) today announced its plans to launch American Living, a new lifestyle brand created exclusively for the JCPenney customer by Polo Ralph Lauren's (NYSE: RL) Global Brand Concepts. The launch will be the largest in JCPenney's history and will include a full range of merchandise for women, men and children, as well as intimate apparel, accessories and home. American Living will be available in JCPenney's stores, catalog and industry-leading website jcp.com, beginning in spring 2008.

"American Living will be an exciting new lifestyle brand for JCPenney, offering America's families inspiring style and great quality at smart prices," said Myron E. (Mike) Ullman, III, chairman and chief executive officer. "We are enthusiastic about working with Global Brand Concepts to bring American Living to our customers. For 40 years, Polo Ralph Lauren has been the leader in developing compelling lifestyle brands and we believe American Living will be an outstanding reflection of that talent and vision."

American Living is the first brand being created by Global Brand Concepts, a new group formed within the Polo Ralph Lauren Corporation earlier this year. Global Brand Concepts will be responsible for the design, production, marketing and advertising of American Living.

Ullman added, "Our customer research clearly tells us that substantial opportunity exists within the traditional and classic lifestyle category. Bringing brands like American Living into our merchandise assortment is a key part of JCPenney's strategy to accelerate our growth, and we are looking forward to introducing it to our customers."

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 approximately 151,000 associates. As of Oct. 28, 2006, J. C. Penney Corporation, Inc. operated 1,037 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. JCPenney refers to the Internet/catalog business as Direct.

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 the Company's current views of future events and financial performance, involve known and unknown risks and uncertainties that may cause the Company'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, seasonality, economic conditions, including the price and availability of oil and natural gas, changes in interest rates, changes in management, retail industry consolidations, government activity, and acts of terrorism or war. Please refer to the Company'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. We do not undertake to update these forward-looking statements as of any future date. In addition, non-GAAP terms referenced are defined and presented in the Company's most recent annual report on Form 10-K.

CONTACT: J. C. Penney Company, Inc.
Media Relations:
Darcie Brossart, 972-431-3400
dbrossar@jcpenney.com
or
Kate Parkhouse, 972-431-3400
kparkhou@jcpenney.com
or
Investor Relations:
Bob Johnson, 972-431-2217
rvjohnso@jcpenney.com
or
Ed Merritt, 972-431-8167
emerritt@jcpenney.com

SOURCE: J. C. Penney Company, Inc.