Dive Brief:
- On Tuesday, Target unveiled its initial foray into the kitchen realm with the introduction of Figmint, a line of 250 cooking essentials. The product launch is set for Sept. 24, according to a press release.
- Figmint's range encompasses items such as mixing bowls, a cast iron Dutch oven, kitchen utensils, food storage, a cutting board, pots and pans, with prices starting at just $3.
- By eschewing plastic in over 95% of Figmint's packaging, Target demonstrates its environmental consciousness. The retailer collaborated with occupational therapists to create easy-to-open packaging and ergonomic handles, enhancing shoppers' in-store experiences.
Dive Insight:
Kitchen brand debut by Target under the name Figmint, marking their initial foray into private label products for culinary spaces.
Target's motive behind launching Figmint stems from a desire to cater to customers seeking less tedious at-home cooking experiences. In line with its aim to sell budget-friendly items, more than half of the kitchen items sport price tags under $10.
Jill Sando, executive vice president and chief merchandising officer at Target, expressed her excitement about Figmint, stating, "What I love about Figmint is that this brand meets so many different guest needs. It's beautiful design at amazing prices. From product to packaging, the collection makes the kitchen more accessible to every home cook."
Although this is Target's first incursion into kitchenware, the retailer boasts a history of developing and thriving with private-label brands in various categories. With the arrival of Figmint, Target now boasts 49 owned labels, such as Cat & Jack, Mondo Llama, Threshold, and Universal Thread. In 2021, the retailer reported that its activewear brand All in Motion hit the $1 billion revenue mark in its inaugural year.
Following its triumphs, Target remains committed to bolstering its private-label brand roster. Last month, the retailer debuted its Good & Gather private-label food brand catering to toddlers and infants.
A report disclosed last year by Numerator identified Aldi and Target's Favorite Day as the fastest-growing private label brands based on household penetration in Q2 2022 compared to the previous year.
Private Label Brands at Target:
- Good Little Garden: A floral brand offering over 60 assorted fresh flowers and plants, starting at $6.
- Cat & Jack: Popular for children's clothing, Cat & Jack is one of Target's most successful private-label brands, often providing trendy and affordable options.
- Art Class: Provides educational toys and creative materials for children, aligning with Target's strategy to improve its toy offerings.
- Gigglescape: A toy and playset brand introduced in 2024, contributing to Target's expansion in the toy market.
- Up&Up: A home essentials line set for relaunch in 2024 with an expanded product range.
- Auden: Planned for a 2024 relaunch, this sleepwear brand is designed to enhance Target's offerings.
- Dealworthy: Launched in 2024, offering affordable basics to align with Target's focus on affordable products.
- Market Pantry: Target's grocery brand, offering a wide variety of food products at lower prices compared to national brands.
Success Stories:
- Private Label Expansion: Twelve of Target's private labels have surpassed the $1 billion sales mark, showcasing the strength of its private-label portfolio.
- Floral Sales Boost: The launch of seasonal floral products through the Spritz brand led to a threefold increase in floral sales since 2020, paving the way for Good Little Garden.
New Additions:
Target continues to diversify its private-label portfolio, emphasizing quality, affordability, and uniqueness. In addition to Good Little Garden, the retailer is revamping existing brands and introducing new ones like Gigglescape and Dealworthy. This strategy aligns with consumer preferences for budget-friendly products, particularly during economic volatility.
- By introducing Figmint, a line of 250 cooking essentials, Target aims to cater to customers who desire less tedious at-home cooking experiences, with more than half of the items priced under $10.
- In line with its eco-friendly initiatives, Target has ensured over 95% of Figmint's packaging is free from plastic, and has collaborated with occupational therapists to create easy-to-open packaging and ergonomic handles for enhanced in-store experiences.
- Figmint is just another addition to Target's successful portfolio of private-label brands, which now totals 49 including Cat & Jack, Mondo Llama, Threshold, and Universal Thread.
- Last month, Target debuted its Good & Gather private-label food brand catering to toddlers and infants, following the success of its activewear brand All in Motion which hit the $1 billion revenue mark in its inaugural year.
- Aldi and Target's Favorite Day were identified as the fastest-growing private label brands based on household penetration in Q2 2022 compared to the previous year, according to a report disclosed last year by Numerator.
- To further diversify its private-label portfolio, Target is revamping existing brands like Up&Up and introducing new ones such as Gigglescape and Dealworthy, aligning with consumer preferences for budget-friendly products during economic volatility. The retailer also plans to relaunch Auden, a sleepwear brand, and expand its home essentials line, Market Pantry, in 2024.
