Lowe's said Thursday it will be expanding its private label brands, another move it hopes will help in the competitive home improvement market.
The company acquired the carpet cleaning brand, Stainmaster. Terms of the sale were undisclosed.
"Today's announcement adds the most trusted and recognized brand in carpet to our lineup of private brands," Lowe's CEO Marvin Ellison said in a statement.
Lowe's was the only home improvement store to carry the brand exclusively for over a decade.
Bill Boltz, executive vice president of merchandising for Lowe's, said Wednesday the acquisition is part of the company's "Total Home Strategy" in its ongoing market share rights with main rival Home Depot.
The strategy has four key areas: focusing on the pro market, improving installation services, offering popular products in local markets like Stainmaster and investing online.
"It's important to know we're going to continue to invest in the (Stainmaster) brand and that Stainmaster and Lowe's are now one entity," Boltz said.
The purchase includes all brand-related intellectual property from its parent company, Invista, and all related trademarks and sub-brands.
"This acquisition further demonstrates our commitment to deliver a compelling product assortment for customers," said Sarah Dodd, Lowe's senior vice president of global merchandising.
Stainmaster joins Lowe's private brand portfolio, including Moxie cleaning supplies, Kobalt power tools and allen + roth home decor.
In 2020 Lowe's generated nearly $90 billion in sales, with annual sales growth of over $17 billion. Competitor Home Depot sales for fiscal 2020 were $132.1 billion, an increase of $21.9 billion.
Reaching more customers
Lowe's is challenging Home Depot in other ways, too.
Lowe's recently began rolling out a shopping experience geared to capturing pro customers with more perks and products. That plan includes a "Pro Zone" dedicated area near the pro entrance with products for grab-and-go convenience, trailer parking with extended parking spots and free phone charging stations.
Lowe's also launched Lowe's Tool Rental last year, starting with its store on Iverson Way in Charlotte, offering professional-grade tools and equipment for pro and do-it-yourself customers.
Lowe's Companies Inc. has more than 2,200 home improvement and hardware stores and employ over 300,000 associates.©2021 The Charlotte Observer. Visit at charlotteobserver.com. Distributed by Tribune Content Agency, LLC.