Target Corporation (NYSE:TGT) is planning to introduce four new private label brands later this year.
Here are the four new private label brands that Target will be introducing.
- A New Day — This private label brand will offer clothes for women that can be used on any occasion.
- Goodfellow & Co. — TGT will be offering a line of clothing, shoes and accessories for men.
- JoyLab — This brand will be made up of athletic wear that will also be good for leisure.
- Project 62 — The retailer is calling this a “modern home brand” that will focus on items for daily use.
The new private label brands from Target will show up this Fall. The company also says that it will be phasing out the Merona and Mossimo lines because they have grown too large and uniform to attract shoppers. TGT will also be making other changing to its stores in an effort to attract shoppers.
“One new brand on its own isn’t going to change the way guests experience Target, though we definitely believe each of our exclusive brands will leave its mark,” Target CMO Mark Tritton told CNBC.
Target’s decision to introduce new private label brands are part of its effort to bring back more customers. It sales last year were down by 5.9% and same store sales were down by 1.9%. This effort will include the introduction of a total of 12 new brands, as well as the company reinventing some of its other brands to better appeal to its customers, PYMNTS.com notes.
TGT stock was up slightly as of Monday morning, but is down 27% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.