“We’re proud that our brands are meeting guests’ evolving needs and sparking moments of daily comfort and joy for the entire family when they need it most,” said Jill Sando, Target’s executive vice president and chief merchandising officer.
Sando added that Target’s mix of affordable price points, inclusive size offerings and sustainability are what kept shoppers coming back.
Timing was also in big-box retailer’s favor. The activewear line launched a little over a year ago at the start of the pandemic Stateside when consumers around the nation were told to hunker down at home. Ten months later, the fitness and activewear booms continue to thrive, with new entrants in the market each week.
In addition, Target’s mix of discretionary and essential items meant the firm was not only allowed to stay open during the pandemic, but it was able to grab market share in a challenging retail environment. Shares of Target, which closed up 2.7 percent to $193.95 a piece Monday, have risen nearly 66 percent, year-over-year, leaving the company with a market cap of more than $97 billion.
“Apparel has been one of our strengths,” Brian Cornell, chairman and chief executive officer of Target, told reporters in November. “And certainly from a market-share standpoint, one of the real highlights from our business throughout the quarter. And we certainly see that continuing as we finish up the year.”
Target also sold 21,000 pounds of exercise equipment, such as hand weights and kettle bells, and 7 million square feet of yoga mats in the last year.
Meanwhile, Target continues to expand its selection of private-label fashion and beauty products as a number of brands compete for space in Target stores and online. The list includes luxury lingerie designer Journelle, Levi’s Red Tab products, New Zealand beauty brand Monday Haircare, Ulta Beauty, Priyanka Chopra’s new hair care brand Anomaly and Disney, which opened about a dozen shops-in-shop in select markets in late 2019.
Target has also collaborated with brands and designers such as Hunter, Lilly Pulitzer, Zac Posen, Anna Sui, Missoni, Phillip Lim, Rodarte, Jason Wu, LoveShackFancy, and most recently with Levi Strauss & Co., for its design partnership program.