Walmart is staking its mark on the fashion game. On Monday, Wal-Mart announced that they are partnering with Lord & Taylor to create an online fashion store launching in 2018.
Denise Incandela, the head of fashion for Wal-Mart’s US e-commerce division, said in a statement, “Our goal is to create a premium fashion destination on Walmart.com. We see customers on our site searching for higher-end items, and we are expanding our business online to focus on adding specialized and premium shopping experiences, starting with fashion.”
Incandela is a new addition to the Wal-Mart fashion team. She has previously worked for Saks Fifth Avenue as a chief marketing officer. She moved to Wal-Mart back in October and is responsible for the company’s fashion business on Walmart.com, Jet.com, and Shoes.com.
Lord & Taylor President, Liz Rodbell, has commented about the company partnership. “Walmart.com is a shopping destination that reaches a wide base of customers looking for premium fashion brands. As retail continues to change, this flagship store creates enormous growth opportunities for Lord & Taylor and our brand partners.”
The Wall Street Journal has reported that this partnership has formed due to Amazon’s recent step into the fashion world.
Wal-Mart is no stranger to obtaining smaller brands. The list of brands sold by Wal-Mart includes Bonobos, Modcloth, Shoebuy, and Moosejaw. Wal-Mart has also acquired Jet.com to help its grocery offerings.
Wal-Mart also stated on Monday that they are beginning to expand the fashion part of their website already. Working with Lord & Taylor shows a positive move for Wal-Mart and shifted its image from a discount store to a serious competitor in the fashion industry.
Lord & Taylor has seemed to experience some problems as of late with traffic to their website and fewer sales. However, the retailer recently announced that they would call their store on Fifth Avenue their headquarters, and after the holidays, they will only occupy a small portion of the building. This partnership with Wal-Mart may help Lord & Taylor to get more shoppers and help it get back on its feet.
As said before, Amazon has recently been striding into the online fashion market. For example, Prime Wardrobe has unveiled two private label brands to compete with our active-wear brands, such as Nike, and lure those to sell their products on their site.
Earlier in the year, Kohl’s and Amazon have been seen to develop a relationship between the two to create an easier way to expand Kohls on Amazon’s website.
Wal-Mart and Lord & Taylor making this deal to help each other out are very smart. Hopefully, this partnership shows to help out both teams to succeed and outshine the competition.