The new brand will produce a variety of food products designed to make "life's little moments of pleasure even sweeter."
One of the largest US retailers, Target, announced its intention to introduce a new Favorite Day brand, designed for consumers who have learned to appreciate the various small pleasures of life during the pandemic. Various cakes, buns, ice cream, sweets and soft drinks - it is expected that the range of products under the new brand will include more than 700 items. An important feature of all these products will be that their cost will not exceed $15, which will make them available to almost all American consumers.
Before launching a new brand, the company always conducts preliminary research, which this time was not without. According to Rick Gomez, executive vice president and chief executive officer of food and beverages at Target, more than 11,000 people were surveyed and found that many of them feel it's okay to occasionally indulge themselves amid constant stress. Also, according to the company, the products of the new brand are perfect for a wide variety of holidays and entertainment.
Over the past five years Target company launched 30 of its own brands, from womenswear labels with a wide choice of sizes, such as Auden and Colsie, to children's products, such as Cloud Island and Pillowfort. The retailer's ten own brands generated $1 billion in revenue last year, with four more reaching the $2 billion mark.
Favorite Day treats are the perfect complement to Good & Gather, the flagship food and beverage brand with over 2,000 items that generated $2 billion in 2020 sales. Also last year, Good & Gather Signature was launched, under which a premium line of 60 items is produced, such as gourmet pizzas, small-scale pasta sauces and specialty coffees.