TARGET LOOKS CLOSER AT SHAVING
Byline: Matthew W. Evans
NEW YORK — Target is delving even further into the realm of beauty and fashion consciousness.
As reported last week, the retailer is tying a hair care line in with the apparel deal it penned last March with Mossimo. Now, in men’s shave, its initiating full-store distribution of the basic shaving assortment from British cult skin care company King of Shaves.
Four stockkeeping units, priced $4.99 and $5.99, will go chainwide in March. The items had been available in half of Target’s 978 doors since October.
This is indicative of the retailer trending toward what’s hip. “They have a lot of potential to continue to evolve their beauty and fashion [mix], making it feel, look and shop more like a fashion offering,” said Jeff Klinefelter, senior research analyst with U.S. Bancorp Piper Jaffray. “I think that’s what they are trying to do.”
Target is allowing the product to “take up a small bit of 40,000 square feet” of retail space, founder Will King said. He added that retailers are looking for “profit growth on shelf. There’s no value growth in mass men’s shave.”
This expansion is also an acknowledgement by Target that there is potential for a focused brand, according to King. He suggested other players in the men’s shave category like Gillette and Colgate, are more focused on their lucrative permanent razor and toothpaste businesses, respectively. “There’s no clear focus on the software,” King said of the shave oils and low-lather gels.
Early results of the Target-King of Shaves union have been positive and market data “goes north every week,” according to King. He’d like the total brand, which has sales of about $12 million, to generate $100 million globally within five years. “We’re now like Gillette was 100 years ago,” he remarked.