Owned brands are part of Bed Bath & Beyond’s growth strategy and the chain has just launched its biggest one yet.
The home goods retailer’s new Simply Essential line is its third owned brand launch this year and first full-line assortment with opening price points. The new private label line features more than 1,200 items across Bed Bath & Beyond’s top five destination categories: bed, bath, kitchen and dining, and storage/organization.
The line is priced under $200, with many products under $50. Prices start at $1 for kitchen basics, such as ladles and serving spoons, and $5 for pillows.
“Of all the owned brands that Bed Bath & Beyond will launch this year, Simply Essential represents the largest new product assortment and is intended to attract new customer segments for us,” said VP and chief merchandising officer Joe Hartsig.
The new opening price point assortment is a core tenet of Bed Bath & Beyond's three-year growth strategy, the company said, and will extend its competitive positioning in key areas such as kitchen gadgets, where 50% of the market is priced below $5 in the 'good' and 'opening' price point brackets.
Simply Essential is the third of at least eight Owned Brands that Bed Bath & Beyond plans to launch by the end of February 2022. It follows the recent launches of home brand Nestwell and the relaunched bath brand Haven.