Target Is At It Again With A New ‘Owned-Brand’
Submitted by Market Crumbs,
Just last month Target announced its activewear brand All in Motion surpassed $1 billion in sales in its first year, despite launching just before the pandemic hit. In doing so, All in Motion became Target’s tenth brand to reach the $1 billion sales milestone
“Our owned brands are truly a differentiator for Target,” said Jill Sando, executive vice president and chief merchandising officer, style and owned brands, Target.
It’s not surprising that Target has been hard at work on their next owned brand, announcing earlier this week Favorite Day, a new food and beverage brand with more than 700 items such as bakery, snacks, candy, premium ice cream, cake decorating supplies and beverage mixers. Favorite Day will begin hitting Target stores April 5 and will be available through Target’s services such as Order Pickup, Drive Up and Same Day Delivery with Shipt.
Favorite Day features two product lines—Favorite Day Bakery, which includes baked goods such as cupcakes and breads, and Favorite Day Gourmet, a line of sweets such as ice cream, baked goods and more. All of the items in the Favorite Day line will cost less than $15.
“We’re thrilled to build on Good & Gather’s success and the strength of Target’s food and beverage business by debuting our new owned brand, Favorite Day,” Target executive vice president and chief food and beverage officer Rick Gomez said.
“Rooted in guest insights and developed by our talented Target team, Favorite Day is a sweet and savory addition that tastes amazing, makes life’s little moments of indulgence even sweeter and continues to differentiate Target’s owned brand portfolio.”
Favorite Day becomes Target’s 47th “owned brand,” which is their term for a private label. Beyond its food, clothing and home furnishing owned brands, Target has built a collection of owned brands covering a variety of popular categories. Some of the categories Target has ventured into include luggage with its Open Story line, pet apparel and accessories with its Boots & Barkley line and tech accessories with its Heyday line, which offers more than 150 products.
With more than 20% of its owned brands generating $1 billion in sales, Target seems to have found a recipe for success in creating and launching brands that offer what their customers want.
Fri, 03/12/2021 – 13:55
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