Michaels Acquires Joann Intellectual Property and Expands Offerings
Key Insights
Michaels acquired Joann's intellectual property and private label brands, including Big Twist.
Michaels is expanding its fabric, sewing, and yarn assortment by adding over 600 products.
Searches for 'fabric' and 'sewing' on Michaels.com have increased significantly, driving the expansion.
Michaels is releasing new Loops & Threads yarn offerings and expanding national brand collections.
In-Depth Analysis
Michaels' acquisition of Joann's IP and brands represents a strategic move to consolidate its position in the craft retail market. With Joann's bankruptcy and subsequent store closures, Michaels is stepping in to fill the void and capture Joann's customer base.
The company is expanding its fabric assortment in over 680 stores and plans to do so in 280 additional stores this year. This includes offering over 10,000 fabric options online, ranging from cottons for quilting to broadcloth for apparel and home decor. Searches for 'fabric' on Michaels.com have increased by 77% over the past year, indicating a strong consumer interest.
Similarly, searches for 'sewing' have increased by 39% on Michaels.com, prompting Michaels to expand its selection of sewing supplies. This includes introducing new Brother and SINGER sewing machines, adding needle crafting kits, and expanding its assortment with new products from Clover, FISKARS, Coats & Clark, and VELCRO.
Michaels is also expanding its yarn assortment by 25% this year to meet the increasing demand for knitting, crocheting, and other fiber arts. This includes releasing new Loops & Threads offerings, introducing new and expanding national brand collections from Red Heart, Bernat, and Lion Brand, and welcoming beloved JOANN brands like Big Twist Value Plus.
Michaels has created a dedicated landing page&ref=yanuki.com for Joann customers to provide updates and a curated assortment of products, aiming to ease the transition for these customers.
FAQs
What did Michaels acquire from Joann?
A:: Michaels acquired Joann's intellectual property and private label brands, including the Big Twist brand.
Why is Michaels expanding its fabric and sewing offerings?
A:: Searches for 'fabric' and 'sewing' have increased significantly on Michaels.com, indicating growing customer demand.
What new yarn products is Michaels introducing?
A:: Michaels is releasing over 60 new Loops & Threads offerings and expanding national brand collections from Red Heart, Bernat, and Lion Brand.
Key Takeaways
The acquisition of Joann's IP by Michaels means a broader selection of craft supplies for consumers. Michaels is expanding its fabric, sewing, and yarn assortments to cater to the needs of former Joann customers and attract new crafters. Keep an eye out for new product releases and expanded offerings in-stores and online.
Discussion
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