Target has announced a collaboration with jeweler Kendra Scott, bringing her exclusive collections of earrings, bracelets, and more to about 150 of its stores. The majority of items will be priced under $40.
Target
Target has entered into a deal with jeweler Kendra Scott to offer exclusive collections of jewelry, including earrings and bracelets, as the retailer prepares for the upcoming holiday season.
Known for introducing its own brands and featuring recognized national names such as Levi Strauss, Disney, and Apple. Target has also started featuring mini Ulta Beauty shops within its stores.
As part of the new collaboration, Target will carry colorful jewelry designed by Kendra Scott, with the collection available online and in approximately 150 stores. The first collection, featuring more than 200 items priced between $15 and $60, will launch on October 22, just in time for holiday shopping. Most items will be priced under $40.
While Target did not disclose the financial terms of the deal, it described it as a “long-term strategic partnership.”
The first Kendra Scott collection will debut in Target stores in late October.
Target
Target has experienced challenges in the past year and a half. Despite thriving during the COVID-19 pandemic, the retailer faced difficulties in stocking the right merchandise as customers returned to physical stores. In recent quarters, Target has witnessed a decline in sales of clothing, home decor, and other discretionary items, as shoppers prioritize experiences and face higher grocery bills due to inflation. The company also encountered backlash over its Pride merchandise collection and has been dealing with organized retail theft.
In August, Target reduced its forecast, expecting a drop in comparable sales by mid single digits and earnings per share to range between $7 and $8 for the full fiscal year.
Target’s stock has declined nearly 18% this year, while the S&P 500 has gained 17%. However, Target CEO Brian Cornell has highlighted the pressure consumers may face in the coming months due to factors such as the return of student loan payments, rising interest rates, and increased costs of necessities.
Despite these challenges, Target has managed to encourage shoppers to add some discretionary items to their carts, particularly in the beauty category. Sales at its mini Ulta shops more than doubled in the fiscal second quarter, and other beauty items also posted strong gains compared to the previous year.
This successful strategy in the beauty category has led Target to pursue similar opportunities in other categories, including jewelry.
