From CNBC.com…
Walmart has inked a multiyear deal with Gap to create a home goods brand, as the discounter looks to drive more online sales and the apparel retailer hopes to strengthen its brand among shoppers.
The brand, Gap Home, will launch on Walmart’s website on June 24, and eventually bring the most popular items to some of the big-box retailer’s stores. It will start with about 400 pieces of bedding, bath and decorative accessories. The initial collection will range in price from $15.88 for a denim-styled pillow to $64.98 for a king comforter set.
Financial terms and the duration of the deal were not disclosed. Yet both companies said the brand is the start of a long-term partnership. Anthony Soohoo, Walmart’s executive vice president for home, said customers should expect to see many denim- and chambray-inspired collections over the years.
“It’s not a capsule collection,” he said. “It is a relationship that we believe we want to build, that is enduring for us.”
