It stands for 'preferred customer event' and nobody can seem to agree on the rhyme or reason for why people get one. it's a 25% off coupon that you can use at the regular price boutique - sometimes they say you can't use it on certain items and other times it's off anything.
some people think you get it based on how much you buy from the company, others think it's based on knowing an SA and they choose to mail you one, others think it's how much you buy from ONE boutique, others think it's how much you spend within a certain period. others think it is totally random and some think it's all of those things. LOL