Bed Bath & Beyond will launch another three new owned brands this quarter, furthering the company’s strategy to modernize its assortment and build up margins and revenues through aggressive product development.
The three launches, which brings the number of owned brands BB&B introduced so far this year to six, are:
• Our Table, described as a “modern” collection of cookware, bakeware, food prep, kitchen gadgets and utensils, kitchen linens, dining and barware with a total of more than 1,100 items.
• Wild Sage, a “youthful, eclectic collection of 600 stylish and free-spirited products for the bedroom, bathroom, dining room, and living spaces.”
• Squared Away, a line of 300 storage, organization, and cleaning solutions for the home.
“I am pleased that we are ahead of schedule in delivering our owned brands plan, launching product assortments strategically sequenced to cover our core destination categories of bed, bath, kitchen and dining, indoor decor and storage and organization,” Mark Tritton, president and chief executive officer of Bed Bath & Beyond, said in a statement.
As reported, BB&B launched the Simply Essential, Haven and Nestwell owned brands last quarter and is on track to have introduced a total of at least eight owned brands when the 2021 fiscal year ends in February 2022. Owned brands can also be referred to as private brands.
The introduction of at least 10 new private brands is a key component of the company’s previously unveiled three-year transformation strategy, which also involves eliminating product redundancies and unproductive stock keeping units, store remodels and store closings. Owned brands at BB&B is expected to triple, from representing 10 percent of BB&B’s volume to about 30 percent over three years while driving improvements in gross margins.
“Through the use of new, data-driven line reviews, we discovered there were significant opportunities to strengthen our assortment in our kitchen, home decor and storage and organization categories,” said Joe Hartsig, executive vice president, chief merchandising officer of BB&B and president of Harmon Stores. “We identified meaningful gaps where we could bring exceptional quality, style and value to our customers and help us address unmet customer needs with these exciting new lines only available at Bed Bath & Beyond. The upcoming launches of Our Table, Wild Sage and Squared Away will be important new enablers as part of our broader room resets that help elevate our overall customer experience, particularly in these important destination categories.”