Making good on its transformation strategy, Bed Bath & Beyond unveiled a new set of owned brands on June 2, introducing 2,000 private label products to its customers.
Items from its kitchen and dining wares brand Our Table, youthful decor brand Wild Sage, and organization line Squared Away will take up progressively more shelf space until all products are released by mid-July.
The brands’ launch comes on the heels of the release of three others earlier this year (Simply Essential, Haven and Nestwell) and is ahead of the Union-based company’s previously announced 6-month timeline and in advance of the important back-to-college shopping season.
“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 & dining, indoor decor and storage & organization,” said President and CEO Mark Tritton in a prepared statement. “Together with the company’s first opening-price-point owned brand, we are helping customers unlock the magic in every room while strengthening our leadership in the home market.”
The introduction of no less than 10 new private label brands is a key component of the company’s previously announced three-year transformation strategy and is expected to triple the sales penetration of Bed Bath’s private labels from 10% to approximately 30% over three years.
The company is on track to have introduced a total of at least eight owned brands when the fiscal year ends in February 2022.
“Through the use of new, data-driven line reviews, we discovered there were significant opportunities to strengthen our assortment in our kitchen, home décor and storage and organization categories. 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,” said Executive Vice President and Chief Merchandising Officer Joe Hartsig in a prepared statement. “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.”
As part of its recently introduced environmental, social, and governance strategy, Bed Bath said it is committed to ensuring responsible or sustainable sourcing of at least 50% of cotton and wood, and that less than 50% of packaging weight in packaging is from virgin plastic.