Yahoo Finance Forget Groceries. Walmart Is Selling Rolexes, Canali Tuxedos, and Birkins Now.
Walmart is really trying its best to win over affluent shoppers.
The American retail chain, which has a reputation for low prices, recently announced plans to revamp more than 800 locations to attract wealthier customers. As part of the new strategy, Walmart will also be stocking more high-end items. We’ve already spied some noteworthy pieces on the Walmart website, too.
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Search “Rolex,” for instance, and the site will display some 25 pages worth of Swiss timepieces. Collectors could get a GMT-Master II with a “Pepsi” dial for $24,999 or a gold Day-Date covered with diamonds for $32,995. Similarly, typing “Brioni” yields a pair of denim jeans, a cotton dress shirt, and several other pieces by the Italian menswear label. You could even buy a chocolate Hermès Birkin for $16,000 or a black wool Canali tuxedo for $654.
As Highsnobiety points out, Walmart has actually offered these types of luxury goods online for several years. The retailer overhauled its online marketplace in 2016, giving shoppers the ability to purchase new or pre-owned pieces from third-party sellers. The aforementioned Rolexes come courtesy of JFL Diamonds & Timepieces and Chronostore, for example. Many sellers purchase overstock and resell it for an enticing price through Walmart. In this way, Walmart’s e-commerce platform is similar to eBay and Amazon. The new strategy will see more top-of-the-line apparel, accessories, and beauty products on the site and in the brick-and-mortar stores, though.
Walmart has tried—and failed—to smarten up its apparel category multiple times, but the brand believes it can appeal to a new wave of younger, deep-pocketed shoppers. Denise Incandela, the executive vice president of apparel and private brands, has a new strategy and vision to make Walmart a fashion destination. The industry veteran, who has previously worked for Ralph Lauren Corp. and Saks Fifth Avenue Inc., has added more than 1,000 brands to the apparel assortment and started working with designers like Brandon Maxwell on private labels. She also plans to stock more trendy designs that appeal to a younger demographic.
In addition, the remodeling of the stores will hopefully make shopping for clothes more appealing with brighter lighting and the addition of mannequins. Hey, every little bit helps.
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