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Macy's has unveiled On 34th, its inaugural private label brand, as part of an ambitious strategy to revitalize its private-label offerings. With an agenda to introduce three more brands by 2025, the department store seeks to redefine customer-centricity in retail, following extensive consumer research. Named after its NYC flagship store, On 34th caters to modern women with diverse wardrobe staples available in stores, online, and on the Macy's app from August 17.
With the introduction of On 34th and the upcoming brands, Macy's aims to create a more customer-centric private label offering. The company conducted extensive research, including 100,000 online surveys, 35 days of digital community engagement, and in-store fit research, to develop a brand that resonates with modern women.
The On 34th collection includes wardrobe staples and unique pieces like a sequin skirt. It will be available in stores, online, and through the Macy's app starting August 17, 2023. The collection will also feature shoes, set to be launched in spring 2024. With over 750 SKUs, the prices for the On 34th collection range from $18.50 to $299.50, catering to sizes from XXS to 4X.
Nata Dvir, Chief Merchandising Officer at Macy's, stated, "We have spent the last two years listening to customers and creating a brand that reflects how women want to dress for modern life." The company aims to deliver on its promise of quality, style, and value through its reimagined private brand portfolio, one of Macy's five growth vectors.
While Macy's faces challenging times, having reduced its full-year outlook due to reduced consumer spending in the first half of the year, the introduction of On 34th marks an opportunity for the company. Macy's private brand portfolio is expected to account for approximately 16% of brand sales this year, with long-term plans to reach a level similar to its historical high of 20%. In addition to the new brands, Macy's plans to refresh or replace other brands in its portfolio within the next two years.
Emily Erusha-Hilleque, SVP of Private Brands at Macy's, emphasized the development of unique and relevant product designs that align with brand DNA and incorporate multiple points of inspiration, data, and the intuition of a talented team. Macy's private label reimagining is a pivotal moment for the company as it strives to adapt to evolving customer preferences while maintaining its legacy as a leading retailer in the industry.
Photo: Ash Cook/Unsplash
