Walmart Launches New Fashion Line To Woo Customers With 'Familiar, Timeless Pieces'

Walmart Inc (WMT) is launching a new fashion line for both men and women dubbed “Free Assembly,” which will debut this week, CNBC reported Monday.

Walmart Launches New Fashion Line To Woo Customers With 'Familiar, Timeless Pieces'

What Happened: The new clothing range would be available online as well as the retail giant’s 250 stores, according to CNBC.

Dwight Fenton, the former chief creative officer at company-owned Bonobos, reportedly designed the Free Assembly apparel.

The new brand’s clothing would include “familiar, timeless pieces,” according to Fenton. Items in the range are priced from $9 to $45.

“We believe very much in these elevated brands at these price points and are excited to expand our assortment for our customer who has responded very well to them,” said Denise Incandela, women and online fashion’s lead at Walmart.

Why It Matters: The retailing giant is looking to expand its presence beyond its core operations and to increase the sales of general merchandise such as clothing, CEO Doug McMillion told CNBC.

In May, the retail behemoth signed a partnership with ThredUp to attract millennials with second-hand clothing through its e-commerce platform.

The COVID-19 pandemic has led to a string of bankruptcies among fashion retailers that include J.C. Penney Co. Inc (JCP), Neiman Marcus, and over two dozen others.

While apparel revenue is in line to drop by 20% to 30% his year, mass retailers like Walmart and Target Corporation (TGT) are expected to see revenue growth in the segment by 10% to 20% in 2020, according to McKinsey and Company, as cited by CNBC.

Price Action: Walmart shares closed almost 1% lower at $135.29 on Friday and nearly 0.2% in the after-hours session.

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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