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Summary
- Bed Bath & Beyond to launch three new brands as it revamps its product assortment.
- Etsy to buy British fashion resale marketplace Depop for US$1.63 billion.
Bed Bath & Beyond Inc. (NASDAQ:BBBY) and Etsy, Inc. (NASDAQ:ETSY) stocks rallied as high as 58 percent and 9 percent, respectively, on Wednesday’s trading.
On June 2, Bed Bath & Beyond announced its plans for three new brands, while Brooklyn-based e-commerce company Etsy said it would acquire Depop.
Bed Bath & Beyond was among AMC Entertainment Holdings Inc (NYSE:AMC) and BlackBerry Limited (NYSE:BB) stocks, which gained momentum with the help of retail investors.
Bed Bath & Beyond To Launch Three New Brands
The New Jersey-based home improvement store chain said it will launch three new brands during this quarter as the company revamps its product assortment.
The three new brands include kitchen and dining wares lineup Our Table, home collection Wild Sage, and storage, organization and cleaning solution line Squared Away.
Bed Bath & Beyond has now announced six new owned brands in five months period. The new brands are in line with the company’s plan to introduce at least 10 new brands as part of its three-year transformation strategy.
The retailer targets to triple the sales penetration of its owned brands to around 30 percent from 10 percent in three years.
READ MORE: 2 Active Stocks On NYSE: AMC Entertainment, GameStop
Etsy To Acquire Depop
Etsy said Wednesday that it agreed to buy London-based fashion resale marketplace Depop for US$1.63 billion.
Depop has around 30 million users and around 90 percent of its users are under 26 years old. Depop’s gross merchandise sales in 2020 totaled US$650 million while it recorded a revenue of US$70 million.
The acquisition is expected to be completed in the third quarter of 2021, subject to approval from the regulators in the U.S. and U.K. Following the acquisition, Depop will operate as a standalone company under its existing leaders from its headquarters in London.
READ MORE: Etsy & Wayfair: Two E-Commerce Stocks Making A Splash
Stock Performance
Bed Bath & Beyond has a market capitalization of around US$4.11 billion. Its stock has more than doubled year to date, while it skyrocketed over 400 percent in the last one-year period. The stock has a 52-week trading range of US$7.30 to US$53.90.
Meanwhile, Etsy’s stock is down over 2 percent year to date, but it jumped approximately 122 percent in the last one year. The company has a market capitalization of US$22.23 billion, and its stock traded in the range of US$74.82 to US$251.86 in the 52-week period.
