Bed Bath & Beyond (BBBY) Announces Bold Moves To Redefine Business Model
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Bed Bath & Beyond Inc. (NASDAQ: BBBY) today announced the launch of its new digital marketplace to build on the Company's existing authority in key Home & Baby categories. The marketplace will expand its assortment of key products from a highly curated selection of third-party brand partners that will be seamlessly integrated into the Bed Bath & Beyond digital platform.
This announcement follows today's joint press release, in which Bed Bath & Beyond Inc. and The Kroger Co. announced a strategic collaboration to directly offer Kroger customers an extensive selection of the most sought-after goods for the home and baby products carried by Bed Bath & Beyond Inc. through Kroger.com as well as a small-scale physical store pilot at select Kroger Family of Companies stores beginning in 2022. The multi-category omnichannel collaboration will include popular items – from bedding and storage to baby furniture and gear – from Bed Bath & Beyond and buybuy Baby's assortment, including the Company's exclusive Owned Brands as well as national brands.
To further enable the Company's transformation through these growth partnerships and expanded capabilities, Bed Bath & Beyond is realigning its organizational infrastructure and refreshing its leadership team to support its stronger business model.
President & CEO Mark Tritton said, "On my second anniversary as CEO, I am excited and inspired by the change and momentum we have created in this business as we continue to fortify our competitive positioning and customer acquisition strategy. Marketplace is yet another example of how we continue to redefine our business model. We are developing new avenues of long-term profitable growth to allow us to organically build on our existing authority in the Home and Baby categories. We will continue to leverage our market position to drive both customer acquisition and retention."
As part of the Company's ongoing redefinition of its business model as it pursues future growth drivers, Anu Gupta has been named Chief Growth Officer. This newly created position will focus on internal and external growth opportunities. In her new role, Ms. Gupta will be working cross-functionally to continue managing the Company's business transformation. She will be responsible for driving growth through the development and incubation of strategic partnerships and management of an increasingly expanding revenue ecosystem, while helping maintain the core business.
Mr. Tritton continued, "With these sales channel expansions, it is necessary to evolve our organizational structure to align with our ongoing transformation. As part of that evolution, we are thrilled to promote Anu Gupta into an expanded role. As an instrumental driver of our new Kroger collaboration, Anu's impressive background and business acumen, visionary ideas, and successful tracking of our transformation management will help lead our team into the future."
Previously, Ms. Gupta served as Bed Bath & Beyond's Chief Strategy and Transformation Officer since September 2020, leading Bed Bath & Beyond's comprehensive strategy and transformation program and helping to modernize the Company's operating model. Prior to Bed Bath and Beyond, Ms. Gupta held senior-level operational roles at Target, private equity firm Hellman & Friedman LLC, and The Michaels Companies, Inc., among others.
Rafeh Masood, the Company's current Chief Digital Officer & interim Chief Brand Officer, has been named Chief Customer Officer, also a newly created role combining his digital and brand roles. Both appointments are effective immediately and will report to Mark Tritton, Bed Bath & Beyond's President & CEO. John Hartmann, Bed Bath & Beyond's Chief Operating Officer and President of buybuy Baby will be responsible for partnership execution, in addition to his leadership across IT and supply chain.
"Rafeh and John have been influential leaders as we have pivoted our business strategically and operationally as an omnichannel retailer. Many of the transformational improvements and capabilities across our digital platforms and supply chain have been a result of both Rafeh's and John's invaluable leadership and their new and expanded roles will lead to greater synergy between our business roadmap and customer approach. I am thrilled to see us structuring and driving our business in bold ways through our talent, strategy and execution," concluded Mr. Tritton.
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