United States

Bed Bath and Beyond CEO Says Casper Partnership Reflects Company's New Focus

Mark Kauzlarich | Bloomberg | Getty Images
  • Bed Bath & Beyond partnered with Casper to carry the online sleep company's products and launch customer experiences at its retail locations.
  • Casper will launch its first physical shopping location at Bed Bath & Beyond's flagship store in Midtown Manhattan when the remodeled store opens Thursday.

Bed Bath and Beyond is reducing the size of its flagship store in New York City, but the retailer is making room for a new strategic partner in Casper.

When the store in Midtown Manhattan reopens on Thursday, it will include space for Casper, giving the online sleep company its first-ever branded physical shopping location.

Mark Tritton, CEO of Bed Bath and Beyond, told CNBC Tuesday that the partnership will help solidify its grip on the bed and sleep products market.

"When we did the research, we saw that consumers really loved being at home," he said in a "Mad Money" interview. Data showed that home is "their safety net, their first love and where they felt the most comfortable, and that 80% of those customers said the bedroom was their true haven."

Through the deal, Casper will also set up customer experiences at other select Bed Bath and Beyond locations and make products available at stores across the country later this year, according to a press release. Casper's products will also be carried on Bed Bath and Beyond-branded websites.

Bed Bath and Beyond's flagship location is wrapping up a major renovation as part of the company's transformation plan. The revamp reduces the store size by 20,000 square feet, nearly half of its original size.

Shares of Bed Bath and Beyond rallied more than 7% on Tuesday, closing the session at $29.05. The stock has appreciated more than 63% this year.

Questions for Cramer?
Call Cramer: 1-800-743-CNBC

Want to take a deep dive into Cramer's world? Hit him up!
Mad Money Twitter - Jim Cramer Twitter - Facebook - Instagram

Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com

Copyright CNBCs - CNBC
Contact Us