Dive Brief:

• Bed Bath & Beyond on Monday launched its third private label of the year, Simply Essential.

• The brand carries more than 1,200 products in the bed, bath, home decor, storage and organization, and kitchen and dining categories at opening price points, the retailer said in an announcement emailed to Retail Dive.

• The entire line is priced under $200, with kitchen basics, like ladles and serving spoons, starting at $1.

Dive Insight:

Bed Bath & Beyond is quickly moving along in its plan to launch at least eight owned brands by late February, something that is part of its broader three-year transformation strategy.

Prior to Simply Essential's launch Monday, the retailer earlier this spring introduced home brand Nestwell and relaunched bath brand Haven. But the latest brand will help the company attract a broader range of customers through its opening price point, Bed Bath & Beyond Chief Merchandising Officer Joe Hartsig said.

"Customers are looking for value-priced, hard-working, everyday items without sacrificing design or performance," Hartsig said in a statement, adding: "Of all the Owned Brands that Bed Bath & Beyond will launch this year, Simply Essential represents the largest new product assortment and is intended to attract new customer segments for us."

Private labels were an area of business Bed Bath & Beyond had fairly little penetration in, which investors have previously criticized. The retailer's intention is to boost its private label penetration, from 10% to at least 30% of sales within the first three years.

But CEO Mark Tritton, who took over the executive position in November 2019, has extensive experience in this area, previously serving as Target's chief merchandising officer. While at the mass merchant, he oversaw the launch of more than 30 owned brands in two and half years. And before that, he managed more than 50 private label brands across both physical and digital channels for Nordstrom Product Group.