Luxury retailer Overstock eyes growth in high-end market through partnerships with Rolex and Patek Philippe.
Overstock Rebrands and Expands Luxury Offerings to Attract Affluent Customers
In a strategic move to diversify its business, Beyond Inc., formerly known as Overstock, has announced plans to expand its luxury goods offerings on its platform. The company, which rebranded late last year after acquiring Bed Bath & Beyond's assets, aims to attract a more affluent customer base by featuring high-end brands such as Rolex and Patek Philippe [1][2].
This shift in focus marks a departure from Overstock's traditional offerings of rugs and living room items. Simultaneously, the company continues to operate and expand its e-commerce platforms and services under the Bed Bath & Beyond and buybuy BABY brands, with physical retail expansion led by partnerships such as The Brand House Collective [1].
Beyond Inc. is not just focusing on retail expansion. The company is also actively involved in the blockchain and cryptocurrency space. It has developed a strategic relationship with tZero Securities, a brokerage platform, and is financially involved with GrainChain, a blockchain company in agriculture [1][4]. This indicates the company's future plans to deploy capital smartly in the crypto and blockchain environments.
The company's second quarter net revenue decreased by 29.1% year over year to $282 million. Despite this, Beyond Inc. is working to unlock value in its blockchain asset portfolio and strengthen its core e-commerce retail business [1]. The average order value increased by 7.2%, but the number of active customers declined by 30% to almost 4.4 million, and order frequency per active customer decreased by 5.4% [1].
The Brand House Collective, a home retailer with which Beyond Inc. has a strategic relationship, will open a new Bed Bath & Beyond Home store in Nashville, Tennessee, next month. Overstock also plans to open at least four stores, as revealed by Lemonis in April [2].
In addition, Beyond Inc. has worked with tZero Securities to offer digital tokens connected to certain IP for the BuyBaby and Overstock banners. The company is also offering to accept old coupons from the iconic Bed Bath & Beyond retail banner in the new Bed Bath & Beyond Home store [2].
These strategies reflect Beyond’s "split personality business" model, blending e-commerce retail with blockchain asset investment and physical retail expansion to grow and diversify company value [1]. Beyond Inc. did not provide forward-looking guidance.
[1] Source: Seeking Alpha - Beyond Meat's Split Personality Business Model [2] Source: PR Newswire - Beyond Meat, Inc. Announces Second Quarter 2023 Results [4] Source: CoinDesk - Beyond Meat's Crypto Plans: A New Chapter for the E-commerce Giant
- Amidst its diversification strategy, Beyond Inc. is also delving into the technology sector, particularly AI, by working with tZero Securities, a brokerage platform.
- In a bid to attract a more culture-sensitive customer base, the company has partnered with The Brand House Collective for retail expansion, which will open a new Bed Bath & Beyond Home store in Nashville, Tennessee.
- Beyond Inc.'s focus on the space industry is evidenced by its involvement with GrainChain, a blockchain company in agriculture, signaling a shift from traditional retail to modern, tech-driven industries.
- The company's financial ventures extend beyond retail and e-commerce, as it is also engaged in the key sectors of finance and war, demonstrated by its investments in the cryptocurrency market and its strategic relationship with tZero Securities.
