Bed Bath & Beyond Inc. (NASDAQ: BBBY) named Jill Pavlovich as the senior vice president of eCommerce on Monday. Pavlovich has previously led exclusive brands and merchandising at Wayfair (online furniture retailer). The Union-headquartered firm currently values its digital commerce segment at £2.18 billion.
Bed Bath & Beyond shares that you can conveniently trade online via a range of user-friendly apps opened at £21.35 per share on Monday and closed the regular session at £20.63 per share. In after-hours trading, the stock was seen exchanging hands at £21.26 per share. In comparison, Bed Bath & Beyond had started the year at a per-share price of £13.10.
Chief digital officer Rafeh Masood’s comments
Bed Bath & Beyond also named Jake Griffith as the vice president of product management on Monday. The American chain of domestic merchandise retail stores poached Griffith from Walmart, where he was serving as a general manager for the big-box retailer’s sports and fitness segment.
Both the executives, Bed Bath and Beyond added, will assume their respective roles next week. They will report to the company’s chief digital officer, Rafeh Masood, who commented on the news on Monday and said:
“Our omni-always strategy is delivering rapid growth in our $3 billion digital business, so we’re delighted to strengthen our team with the appointment of Jill and Jake, who will bring industry-leading omnichannel retail expertise.”
In the first week of January, Bed Bath & Beyond published its financial results for the fiscal third quarter that missed Wall Street estimates.
Bed Bath & Beyond to launch ten new in-house brands
Under chief executive Mark Tritton, the Nasdaq-listed company is committed to expanding its footprint in eCommerce to benefit from the COVID-19 driven shift to online shopping. The ongoing health emergency has so far infected more than 31 million people in the United States and caused over half a million deaths.
Bed Bath & Beyond is also offloading non-core assets, launching new brands, and focusing on store remodelling. By 2023, the retailer has a target of launching a minimum of 10 in-house brands. The first of these ten, Nestwell (bedding and bath essentials), debuted earlier in March.
Bed Bath & Beyond performed slightly upbeat in the stock market last year with an annual gain of close to 10%. At the time of writing, the owner of prominent brands like Buy Buy Baby has a market cap of £2.50 billion.
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