Shares of the Los Gatos, Calif., company at last check were up slightly to $488.77.
Netflix said in a statement that Netflix.shop will also offer apparel and other products tied to the streaming giant's programs.
These products include streetwear and action figures based on the anime series "Yasuke and Eden," as well as apparel and decorative items inspired by the program "Lupin" in collaboration with the Louvre Museum.
For Thursday's launch Netflix.shop introduced anime-inspired collectibles by the designers Nathalie Nguyen, Kristopher Kites and Jordan Bentley.
Netflix said it would initially offer exclusive products from titles like "The Witcher" and "Stranger Things," as well as new Netflix logo-wear from Japanese fashion house Beams.
Netflix.shop will first be available in the U.S. before expanding into other countries in coming months, the company said.
Netflix's position in the streaming space is being challenged by a growing number of competitors.
According to market research firm Ampere Analysis, Netflix’s U.S. market share in streaming has fallen from nearly one-third of the total market at the end of 2019 to one-fifth at the end of 2020.
In April, Netflix posted first-quarter earnings and revenue results that topped estimates, but subscriber numbers fell short of expectations.
Netflix earned $3.75 a share on revenue of $7.16 billion. Analysts were expecting Netflix to report earnings of $2.98 a share on revenue of $7.14 billion.
The company added 3.98 million net paid subscribers in the first quarter versus its own guidance for 6 million adds and consensus estimates for 6.34 million adds.
The company also had a big night at the 93rd Academy Awards, bringing home a total of seven gold-statue Oscars.