Walmart Inc. is revamping its strategies to enter the fashion business with the revival of the defunct brand Scoop.
Once a popular shopping destination in the 2000s, the brand had fizzled out in recent times.
Walmart is planning to launch the brand as a private fashion brand and the retail giant’s website as well as some stores will carry more than 100 items including tops, shoes and handbags priced from US $ 15 to US $ 65.
This move by Walmart will aid in gaining a foothold in the fashion business, which has higher profit margins than food and everyday staples. The co-founder of Scoop, Stefani Greenfield will be a part of the revamping process.
“Long considered a pioneer in boutique shopping, Scoop was beloved by fashionistas and celebrities on the hunt for up-and-coming designers or that perfect piece to complete their look,” said Walmart’s online fashion chief Denise Incandela.
Walmart has made repeated efforts to expand in this segment by acquiring start-up brands like Bonobos and Eloquii in 2017 along with forming a partnership with department-store chain Lord & Taylor.
Scoop helped establish brands like Stella McCartney and Rag & Bone, which later became its rivals when the brand was hit by the economic slowdown.
In 2016, Scoop closed its remaining 15 stores and Walmart acquired the trademark not long after.