SELIDIKI.COM, CHICAGO – Walmart Stores Inc. has recently expanded in fashion by holding Lord & Taylor’s fashion company.
This breakthrough is predicted to accelerate the growth of online fashion business.
Walmart will begin offering Lord & Taylor’s high-end clothing and accessories to its customers beginning in spring 2018.
Later, Lord & Taylor will open a virtual catalog on Walmart.com. This partnership will increase product variations sold by Wal Mart and expand market access.
“Our goal is to create a premium fashion at Walmart.com,” Walmart Head of Fashion Denise Incandela told Reuters on Tuesday (14/11).
Incandela said, there is a demand from consumers of premium fashion products so Walmart expand its online business with a focus on the product.
In addition, the partnership with Lord & Taylor is part of Walmart’s business strategy to expand its business.
“This is part of a larger business strategy, where we work to create a new Walmart.com,” Incandela said.
In the past year, Walmart has bought small online fashion brands like Shoebuy, Modcloth, and Bonobos.
Although already penetrated into fashion products, Walmart is considered not able to cool Amazon.com. Therefore, there is still a perception that consumers who shop at Walmart.com is a low-income society.
On the other hand, according to Euromonitor and Forrester data, Amazon.com still leads the market of online clothing and footwear products in the United States with sales of 13 billion US dollars or up 9 billion US dollars from five years ago.
The market share of clothing products in the United States is expected to increase threefold in the next four years.