Secret Treasures was Walmart’s (WMT) wildly successful private label intimates and sleepwear line. Last year, this apparel line brought in over $1 billion in sales for Walmart – one of the retailer’s 13 private brands to do so – and captured a commanding share of customers in its market, with an estimated one in five women buying from the brand in 2021.
Walmart just relaunched Secret Treasures as “Joyspun.” The new brand will start selling bras, underwear, and pajamas while seeking to improve quality, design, and branding. Rest assured, Joyspun will maintain Walmart’s iconic EDLP (everyday low price).
Fighting For Market Share
When the market leader feels the need to completely relaunch a successful brand, it’s a strong indicator of a highly competitive industry.
During the pandemic and subsequent work-from-home boom, the intimates and sleepwear industry got more crowded than ever. Many major retailers identified the opportunity and attempted to double down in the space. A few major competitors in the space include Victoria’s Secret (VSCO), Aerie (AEO), Target (TGT), and Skims.
One of Walmart’s competitive advantages is its ability to leverage other parts of its business to lure shoppers — and due to high inflation, even high-earning households are switching to Walmart locations to save on groceries and other basics. Walmart’s relaunch of Joyspun is well-timed to capture the attention of these new shoppers.
Competition between companies benefits the consumer. With the holiday season around the corner, dozens of brands are fighting to get into bed with you — via your PJs, that is. They will likely be doing their best to offer the highest quality products for the lowest possible price.
If the market leader is making moves to revitalize one of its most popular brands, they’re probably not alone. With suitors aplenty, you can afford to be picky.
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