Bed Bath & Beyond will launch at least eight new owned brands in fiscal 2021, with six debuting sequentially in the first six months of the fiscal year, which begins March 2021. The retailer will introduce thousands of new products available only at Bed Bath & Beyond to drive differentiation, preference and authority in the $180 billion home market. Bed Bath & Beyond expects the sales penetration of owned brands to grow from approximately 10% to approximately 30% within the first three years.
The plans are part of a data-driven growth strategy that includes:
- Resetting the merchandising assortment by categories and rooms;
- Remodeling approximately 450 stores;
- Enhancing the digital-first, omni-always shopping experience; and
- Introducing a modern, 360-degree approach to marketing and customer engagement.
As part of the accelerated transformation program, the company also is removing thousands of underperforming labels, brands and products across its core destination categories, which account for the majority of its assortment.
The new private label brands will be added to category segments across bed, bath, kitchen/dining, storage/organization and home décor — all key destination categories for the Bed Bath & Beyond banner, together representing more than 60% of its revenue.