With just 48 stores in the Northeast, Lord & Taylor sees the partnership as means to revive sales at the flagging chain by attracting Walmart's more affluent shoppers in areas of the country where there are no Lord & Taylor stores, say industry experts. Walmart.com's new fashion experience will consist of two shops: Everyday Brands and Premium Brands.
"The next step is the launch of the Lord & Taylor flagship store, which introduces exciting new premium brands to our customers", she added.
Walmart is keeping the new shop separate from its existing merchandise.
Walmart also has been on an acquisition spree, buying online retailer Jet.com, which appeals to a higher-income shopper, two years ago.
With the launch of the L&T page, Walmart will have its own everyday brands and the premium Lord & Taylor brands. Alternatively, some of the dresses on the "premium brands" site cost between $41 and $159. The companies have declined to talk about the financial terms of the deal, and until Tuesday, revealed few details about how the partnership would work.
"This innovative flagship on Walmart.com is an entirely new model for us and demonstrates the evolution of Lord & Taylor and our commitment to advancing our digital presence", said RJ Cilley, SVP of Digital, Lord & Taylor. Visit MarketWatch.com for more information on this news.
Lord & Taylor got a lifeline from Walmart Inc.
The luxury department store chain, which formally announced a partnership with Walmart late previous year, will earn a dedicated spot on the site's homepage, allowing it to market its extensive brand portfolio to the retail giant's estimated 100 million unique visitors every month, according to comScore data.
When customers order items carried by Lord & Taylor on Walmart's website, the transaction will be completed by Walmart.com, but the order will be fulfilled by Lord & Taylor.
"Lord & Taylor is thinking differently about the business, and this is an example of how we are innovating", a company spokesperson said.