Target is looking toward apparel and home goods in an effort to bring new items to stores later this year under the umbrella of four new brands, The Wall Street Journal reports.
The financial publication states that the fall debut of the new brands — Project 62, A New Day, Goodfellow & Co. and Joylab — represents a bit of reinvention. The quartet is part of a strategy to bring an even dozen new brands — on the heels of successful ones such as Cat & Jack — to private label Target offerings through the next several months.
The WSJ noted that the first of these, Cloud Island, which focused on home décor, came out in May. (The aforementioned Cat & Jack offerings may be a beacon for the initiative, as spending on children’s clothing got a 50 percent boost at the retailer.)
Beyond that, A New Day focuses on mix-and-match women’s wear, while JoyLab represents a further push into athleisure. Goodfellow & Co. is geared toward men’s clothing and shoes. Amid home furnishings, Project 62 will bow.
While some brands will be ushered in, others will be swept out, including the apparel line Merona and Mossimo. The Journal attributed this to unnamed executives at the company who claimed these brands had “grown too big and homogenized to garner shoppers’ affection.” Look for a “boutique” feel with fewer discounts in-store, said the WSJ.
The overarching strategy is one where the new brands are targeting (no pun intended) more black ink for the company, which saw sales off 5.9 percent last year to $69.5 billion and same-store sales off 1.9 percent.
Roughly half of the company’s apparel and accessories lines will get a bit of a facelift through the next few years.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More