Bed Bath & Beyond unveiled plans Wednesday to launch a series of in-house brands as part of its long-term effort to modernize its business amid tough competition from e-commerce outlets.
The brick-and-mortar retailer will launch at least eight new internal brands during its 2021 fiscal year. Six of the new brands will debut in the first six months of the fiscal year.
The company said its launch of thousands of products designed in-house would allow it to cut down on costs and capture a larger portion of the $180 billion home goods market. Bed Bath & Beyond CEO Mark Tritton, who employed a similar strategy during his stint as a merchandising executive at Target, said the plan represented the “most significant transformation of our product assortment in a generation.”Fox Business