Shares of the Bentonville, Ark., retail giant at last check were little changed at $133.55.
Maxwell will oversee four seasonal collections annually for Free Assembly and Scoop, Walmart said. He'll begin by influencing the holiday 2021 collections before his full collections debut in Spring 2022.
He will drive the design of seasonal collections for men’s, women’s, children’s and accessories and be responsible for collection design and providing input into material selection, sourcing and production.
Maxwell will also be involved in brand marketing initiatives and campaigns for both elevated brands.
The founder and creative director of Brandon Maxwell, the luxury women’s ready-to-wear label, Maxwell has dressed such well known figures as Lady Gaga, Michelle Obama and Oprah Winfrey. He’s also a judge on the fashion show "Project Runway."
Maxwell has also designed a line of face masks available exclusively at Walmart starting Tuesday. The company will donate $100,000 to DonorsChoose.org, a charity selected by Maxwell for its dedication to helping public school teachers.
Walmart bought Scoop in 2019 and made it the company's exclusive brand. Three of Walmart’s clothing lines have grown into $2 billion businesses, John Furner, chief executive of Walmart US, said during a February earnings call, according to Bloomberg.
The designer said in a statement that "working with Walmart has long been a dream of mine."
"Like many people across the country who live in a small town, Walmart was the destination for everything where I grew up in Texas, including clothing," Maxwell said.
Earlier this month, Walmart announced plans to expand its investment in U.S. manufacturing with a $350 billion commitment over the next 10 years.