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Bed Bath & Beyond Introduces Nestwell Home Brand

Bed Bath & Beyond introduced the first of eight store-owned brands as part of its plan to increase profit and strengthen customer loyalty.

The home-goods major Bed Bath & Beyond  (BBBY)  launched a new bedding and bath brand called Nestwell.

The line is the first of eight store-owned or private-label brands the Union, N.J., company plans to roll out between now and February 2022, USA Today reported.

Nestwell will include pillows, sheets, comforters, duvet covers and towels, in addition to bath accessories like rugs and shower curtains, which will sell in stores and online. 

Customers can expect prices to range from $6 for washcloths; $10 to $20 for towels; $30 to $120 for sheets; and $260 for a king-size down comforter, media reports said.

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Bed Bath & Beyond has what it calls a transformation plan, led by its chief executive, Mark Tritton, to establish multiple in-house brands to increase profit strengthen customer loyalty, media reports added.

The company also expects to benefit from consumers “spending more money on home purchases,” since they're spending “more time at home during the coronavirus pandemic,” USA Today reported.

Tritton was CEO of Target  (TGT)  until late 2019, where he implemented this strategy to boost sales at the Minneapolis retail giant, reports say.

Bed Bath & Beyond expects that within the first three years, its new lines will help increase its sales of in-house brands to 30% of the retailer's total sales from 10%, Chief Merchandising Officer Joe Hartsig told Retail Dive.

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Other upcoming Bed Bath & Beyond brands include a household essential collection called “Simply Essential.” The spa-inspired bath brand, Haven, is set to relaunch in April, USA Today said.

In addition to a deeper dive into private label, Bed Bath & Beyond is set to close up to 200 stores and renovate approximately 450 locations, while also improving the retailer’s digital experience, Retail Dive said.

At last check Bed Bath & Beyond shares were trading 1.17% higher at $31.95. Target shares were trading 0.80% higher at $189.06.