Macy’s (NYSE:M) gained 2% in early trading Wednesday after the company introduced its new private brand, On 34th.
On 34th is described as a women’s apparel and accessories collection of classics made for modern life.
Macy's reimagined customer-centric private brands portfolio introduces On 34th as its inaugural new brand. It is the first of four new brands that will be introduced as part of this re-imagination.
Starting from August 17th, customers can find On 34th products at Macy's stores, Macys .com, and the Macy's mobile app. The collection will include On 34th shoes, set to launch in spring 2024.
“Macy’s is thrilled to officially introduce our newest private brand, On 34th. We have spent the last two years listening to customers and creating a brand that reflects how women want to dress for modern life,” says Nata Dvir, Macy’s chief merchandising officer. “The heartbeat and voice of the customer is infused in all that we do and we know that our customer loves great brands that deliver on our promise of quality, style and value. Through our private brand reimagination, one of our five Macy’s, Inc. growth vectors, we have the opportunity to reinforce our legacy while evolving and refreshing our portfolio.”
In fiscal 2022, Macy's private brand portfolio accounted for approximately 16% of brand sales. In the past, it has reached levels as high as around 20%, and the company believes it can sustain this percentage in the long term.