May 28, 2021: -Walmart has inked a multiyear deal with Gap to make a home goods brand, as the discounter looks to drive even more online sales, and the apparel retailer is hoping to strengthen its brand among shoppers.
The brand named Gap Home, launching on Walmart’s website on June 24 and get the most popular items to some of the big-box retailer stores. It will begin with about 400 pieces of bedding, bath, and decorative accessories. The initial collection will range from $15.88 for a denim-styled pillow to $64.98 for a comforter set.
Financial terms and the time of the deal were not disclosed. Even though both companies said, the brand is the beginning of a long-term partnership. Anthony Soohoo, executive vice president for the home of Walmart, said customers should expect to see many denim- and chambray-inspired collections in the future the years.
“It’s not a capsule collection,” he said. “It is a relationship that we believe we want to build, that is enduring for us,” he added.
With the launching, Walmart will expand its future into home and fashion, generate buzz and potentially woo its new customers. The retailer has added general merchandise, from furniture to apparel, to its website to boost online sales and turn e-commerce into a profitable business. Walmart’s e-commerce sales in the U.S. rose by 79% last year, compared with the year before the pandemic pushed more shoppers online.
Walmart even launched other exclusive home brands, which include the Pioneer Woman with celebrity chef Ree Drummond.
The retailer has expanded that line beyond cookware with food, clothing, etc.
The retailer has other private labels in the home category, including several developed by actress Drew Barrymore and another inspired by Better Homes & Gardens.
With solid sales throughout the pandemic, Walmart and Target have become the new spin on department stores with a mix of merchandise, but inconvenient, off-mall locations.
Meanwhile, a gap is working to win back shoppers and sales after taking a hit during the pandemic. Even before the health crisis, it struggled to stay relevant with its other consumers. Its namesake Gap label and Banana Republic brand have been its weak spots. In contrast, its bargain-friendly Old Navy banner and booming Athleta business, which sells women’s workout gear, that provides pockets of growth. It is hoping to find the right mix of stores across all of its brands that drive sales gains in the years ahead.
For fiscal 2021, Gap has forecast net sales to be up a mid-to high-teens percentage compared with levels of 2020. The retailer is set to report earnings after the bell on Thursday.
Mark Breitbard, CEO of Gap’s global operations, said the retailer has to look for new ways to capitalize on its brand through its licensing agency, IMG. For Gap, the deal gives the company a more predictable revenue stream and puts its brand in front of customers who might not have been shopping its stores before, he said.
The retailers will promote the brand together, though Walmart will distribute it. Both groups of customers will get emails about the launch. Gap’s website will highlight some of the home brand’s items and direct shoppers to Walmart’s website.
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