October 25, 2022
The discounter has begun to roll out bras, underwear, socks, pajamas, and other intimate items under the new brand, both online and in stores. The brand replaces Secret Treasures, a major national line that has been in Walmart’s big-box stores for more than two decades.
Secret Treasures, Walmart’s largest intimates and sleepwear line, drove $1 billion in sales last fiscal year—one of the retailer’s 13 private brands of general merchandise to do so. It also captured the largest customer base across the women’s intimates and sleepwear market in the United States, with one in five buying from the brand in the 12 months ended January 2022, according to The NPD Group, a market researcher that tracks sales across mass retailers, mall retailers, and direct-to-consumer players.
Yet the intimates and sleepwear space has gotten more competitive—especially during the pandemic, as people worked remotely and spent more time at home. Now, a larger number of retailers are vying for market share, including shopping mall staples like Victoria’s Secret and American Eagle-owned Aerie, mass retailers like Target and newcomers like ThirdLove, Yitty, and Skims.
Many of the newer entrants emphasize comfort, better fit and body positivity.
“It’s a white-hot moment for the intimates category,” said Denise Incandela, EVP of Apparel and Private Brands at Walmart U.S. “We wanted to take our leading brand, which was Secret Treasures, and reimagine it to offer the quality and elevated prints and premium design details, as well as a new brand name and colors and packaging and modernize in a way that brings us into the future.”
For the past year and a half, Incandela said, the retailer did consumer outreach that helped develop a line with a wide range of silhouettes, softer fabrics and trendier styles.
Joyspun shoppers will see a more modern spin on basic items from bras to underwear. All of the items sell at a low price point, with bras starting at $11.98. Prices range from $7.98 for a sleep shirt to $34.98 for a quilted robe.
The relaunch could come at a good time. Walmart, the largest grocer in the country by sales, has drawn more high-income customers to its stores as inflation drives up the prices of food. Those shoppers could become a fresh audience for its apparel, particularly if they make more frequent trips to its big-box stores or consider new ways to stretch their dollars.
Joyspun also is hitting Walmart’s stores and websites ahead of the holiday season. Incandela declined to say what percentage of intimates and sleepwear sell during the fourth quarter, but said it’s the biggest sales season for the categories.
Incandela said shoppers will notice new details and innovations, such as bra cups that mold better to a person’s figure, underwear with lace and youthful prints. and robes made of plush fabrics. The discounter also will sell gift sets for the holidays, like eye mask and robe combinations.
Research contact: @CNBC