Shoppers will soon see jewelry designed by Kendra Scott at about 150 Target stores. A lot of the items might be under $40.
Target
Target said Tuesday that it has struck a deal with jeweler Kendra Scott to hold exclusive collections of earrings, bracelets and more, because it looks to get its sparkle back ahead of the important thing holiday season.
The low-cost chic retailer has established a popularity for launching its own brands and dedicating parts of its stores to merchandise from well-recognized national names, reminiscent of Levi Strauss, Disney and Apple. It has mini Ulta Beauty shops inside a growing variety of its stores, too.
With the brand new deal, colourful jewelry designed by Kendra Scott for Target might be available online and at about 150 stores. The primary collection of greater than 200 items, which range between $15 and $60, will hit on Oct. 22, just as customers are putting holiday shopping lists together and snagging early gifts. Most items cost lower than $40, Target said.
The massive-box retailer declined to share the deal’s financial terms but described it as “a long-term strategic partnership.”
The primary Kendra Scott collection will hit Target’s shelves in late October.
Target
The past 12 months and a half has brought a pointy dose of reality for Target, which thrived and gained market share throughout the Covid-19 pandemic. The retailer dealt with the fallout of getting the incorrect merchandise last 12 months as shoppers went out and about again.
In more moderen quarters, Target shoppers have pulled back on buying clothing, home decor and other discretionary items while they spend more on experiences and pay higher grocery bills due to inflation. The corporate also faced public backlash over its Pride merchandise collection, which dinged sales in its most up-to-date quarter. It has also pointed to organized retail theft as a challenge weighing on profits.
Target cut its forecast in August. It said it now expects comparable sales to drop around mid single digits, and earnings per share to range between $7 and $8 for the total fiscal 12 months.
Shares of Target have fallen nearly 18% this 12 months, far behind the 17% gains of the S&P 500. The corporate’s stock hit a 52-week low in late August.
On a call with reporters last month, CEO Brian Cornell said Target expects consumers to feel pressured in the approaching months due to return of student loan payments, rising rates of interest and the still higher cost of necessities.
Yet, Target has had luck getting shoppers so as to add some discretionary items to their baskets, reminiscent of makeup and other beauty items.
Sales at its mini Ulta shops within the fiscal second quarter greater than doubled, and sales of other beauty items posted double-digit gains in comparison with a 12 months ago, Target’s Chief Growth Officer Christina Hennington said last month.
That is a formula Target wants to duplicate in other categories reminiscent of jewelry.