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After launching in select soft home categories earlier this year, Banana Republic has introduced BR Home, a whole-home business that encompasses bedroom, living room, and dining room furniture as well as lighting and home décor.
The move represents a further evolution for Banana Republic, known for its khaki chinos and classic knits, into a full lifestyle brand that’s less dependent on apparel.
"At Banana Republic, we are driven by a desire for discovery and self-expression, representing a new way to outfit yourself and your home," said Sandra Stangl, president and CEO of Banana Republic, which is owned by Gap Inc., in a statement. "We are committed to bringing exceptional quality, timeless design, and versatile styling to our customers as we determine how to best support their lifestyle."
The BR Home collection is offered on a dedicated website, brhome.com, and will reach select Banana Republic stores by the end of September. Prices range from “$150 for beautiful vases to $195 for washed cotton sheet sets and $1,250 to $3,450 for dining furniture and sofas ranging from $2,650 to $4,950.”
Ralph Lauren, Fendi, and Versace are just a few fashion houses that have developed expansion home collections. Among specialty chains, Anthropologie started out as an apparel store but has been selling home goods and furniture for years. In late August, H&M began selling its furniture and lighting offerings in the U.S. after debuting them in Europe in 2018. In the outdoor space, L.L.Bean and Eddie Bauer have ample home offerings.
The furniture and home category surged during the pandemic’s stay-at-home stage amid a home-improvement boom but has lately slowed as socializing and travel have recovered. The housing market has also slowed as mortgage rates continue near 20-year highs. In the second quarter, sales fell 10.6% at Pottery Barn, 20.8% at West Elm, 3.4% at Wayfair, and 19.4% at RH (formerly Restoration Hardware).
Many home improvement chains and furniture sellers nonetheless remain confident that consumers have a newfound appreciation for their homes post-pandemic.
“Customers love their homes,” said Laura Alber, president and CEO of Williams Sonoma, the parent company of Pottery Barn and West Elm, on a second-quarter analyst call. “Right now is not a time when they're buying a new one or moving as much, but they're always thinking about it and thinking about the next project. And easy updates to the home and, you know, life-stage changes and gift-giving around the home are very relevant and as relevant today as they've ever been.”
“Home really matters,” agreed Banana Republic’s Stangl in an interview with WWD. “It’s the biggest investment for most people. It’s where you keep your treasures.”