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Best Buy Makes a Bet on Beauty

May 12, 2022
May 12, 2022
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The tech-based retailer Best Buy continues to broaden its product assortment with items that move the retailer into new categories like health and wellness, outdoor living, and transportation. Best Buy has expanded its beauty category with approximately 100 new skincare products and accessories like body care products, wipes, cleansers, facial wellness devices, and more.

The expanded offering will be available in nearly 300 of its 1,000 US stores as well as online, with prices ranging from $3.99 to $399. Included in the expansion are Foreo, Vanity Planet, PMD Beauty, Michael Todd Beauty, among other brands. The retailer is also launching Therabody's new skincare device TheraFace PRO, which is the company's first product to straddle beauty and wellness. The new device combines the percussive therapy of its Theragun with cleansing, toning, and tightening features.

"We've seen incredible innovations in the beauty space over the past few years—from existing brands to new ones launching every year," said Frank Bedo, Senior Vice President of e-commerce and merchandising at Best Buy. "No one knows technology like Best Buy, and with such impressive new advancements in the space, we're excited to be the place for customers to discover these new options."

Best Buy does not break out revenue by merchandise category, but the company said emerging areas have been a powerful driver of sales. CNN reported the company plans to close 20 to 30 stores a year over the next three years to reflect the consumer shift to shopping online. Today 40% of the retailer revenue come from online sales, nearly double pre-pandemic numbers. Best Buy has a footprint of about 1,000 brick-and-mortar stores in North America.

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