Bed Bath & Beyond’s brand is revived by another retailer adopting its name, becoming Bed Bath and a much bigger and better Beyond.
Bed Bath & Beyond's brand is revived by another retailer adopting its name, becoming Bed Bath and a much bigger and better Beyond.
Bed Bath & Beyond Rebrands as Overstock.com in the U.S.
In a surprising move, Bed Bath & Beyond has undergone a rebranding initiative in the United States, changing its name to Overstock.com. The CEO of Bed Bath & Beyond, Jonathan Johnson, expressed his excitement about the positive reception the Canadian rebrand has received, which prompted the decision to bring the new brand to the U.S.
Johnson stated in an interview on Bloomberg TV, “The experience we’ve had in Canada [was] very positive and made us want to hurry and start today’s rebrand in the US.” He revealed that the revamped website in Canada experienced a significant increase in customer traffic, higher returns on advertising spending, and a larger proportion of shoppers who converted their browsing into actual purchases. These promising results fueled the company’s ambition to introduce the new brand to American consumers.
The transformation of Bed Bath & Beyond to Overstock.com in the U.S. began on Tuesday, with all users automatically redirected to the revitalized Bed Bath & Beyond website upon visiting Overstock.com. This strategic move follows Overstock’s acquisition of some assets and intellectual property of Bed Bath & Beyond for $21.5 million in June. However, it is important to note that this deal does not include Bed Bath & Beyond’s physical stores or its Buybuy Baby brand.
The revamped Bed Bath & Beyond, now known as Overstock.com, has already garnered attention from suppliers who are eager to collaborate with the revitalized brand. Johnson emphasized this point, stating, “We’ll just be Bed Bath and a much bigger and better Beyond.” The new name aims to leverage Bed Bath & Beyond’s existing customer base and strong brand recognition to improve Overstock’s revenue and market share.
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Industry analysts view this rebranding as a potentially strategic move, considering Bed Bath & Beyond’s larger customer base and stronger brand recognition compared to Overstock. However, experts are closely watching the success of Overstock in retaining existing customers and attracting new ones. The home market industry has faced challenges, leading to a decline in revenue and market share for Overstock. Raymond James analyst Rick Patel mentioned in a research note that the real challenge lies ahead in marketing and retraining consumers to engage with the new website and app during these turbulent times for the home market.
Overall, Bed Bath & Beyond’s rebranding as Overstock.com in the U.S. marks an ambitious attempt to revitalize the company and boost sluggish revenue. With a renewed focus and leveraging the reputation of Bed Bath & Beyond, Overstock aims to capture market share and win over consumers in the competitive homewares market. Only time will tell if this bold move will pay off and propel Overstock to greater success.
