Target Corporation (NYSE:TGT) is getting rid of some of its lines, including Merona and Mossimo.
The company said it is turning its focus towards brands that better represent its customers, which means that Cherokee and Circo will also be ousted. Target issued a statement saying that the face of its customer-base is changing, and the elimination of these brands represents this shift.
“When we took a close look at our existing assortment with this in mind, we saw a disconnect,” the statement said. “We knew we’d need to refresh our offerings—and define new ones—so our guests continue to love what they’re discovering at Target and want to keep coming back, again and again.”
Some of these brands are considered to be on the cheaper side, meaning the products are made from a lesser quality fabric usually. This suggests that the new products that Target will be focusing on will be more premium brands in order to appeal more to middle-class and upper-class consumers.
Just over a month ago, Target announced a number of new private brands including a women apparel one called A New Day, as well as JoyLab, which is geared towards those with an athletic inclination.
TGT stock fell 1.9% Monday.