Bed Bath & Beyond, which announced in August that it would change its name, ending the company’s Beyond Inc. era, plans to invest $3 million in the agriculture and financial technology company GrainChain.
The home furnishings retailer announced the move on Sept. 15, expressing confidence in GrainChain’s ability to offer supply chain improvements.
Bed Bath & Beyond Inc. ranks No. 73 in the Top 2000 Database. The database is Digital Commerce 360’s ranking of North America’s largest online retailers by their annual web sales. There, it is categorized as a Housewares & Home Furnishings retailer. Digital Commerce 360 projects Bed Bath & Beyond’s online sales in 2025 will reach $1.25 billion.
Why Bed Bath & Beyond is investing in GrainChain
“We continue to be extremely pleased with both the results and forward-thinking leadership at GrainChain,” said Marcus Lemonis, executive chairman at Bed Bath & Beyond. “They have demonstrated consistent progress and growth.”
The investment expands upon Bed Bath & Beyond’s existing relationship with GrainChain, which includes supply chain analysis. The retailer noted in the new announcement that the work has been geared toward improving efficiency, margin and inventory turns. In addition, the two companies have worked together on international and domestic sourcing, fulfillment of customer orders and last-mile delivery to stores, according to Bed Bath & Beyond.
GrainChain’s business includes applications for blockchain technology, smart contracts and Internet of Things (IoT)-enabled systems, as well as security for commodities transactions within agriculture contexts. However, Bed Bath & Beyond sees potential outside of agriculture.
“While many people refer to the company as GrainChain, when I think about them, I think about Supply Chain,” said Lemonis. “The possibilities are endless, and we want to prove that.”
Bed Bath & Beyond’s Kirkland’s acquisition
Bed Bath & Beyond announced the GrainChain deal on the same day that it confirmed it had closed its Kirkland’s acquisition, a deal valued at $10 million. Leading up the deal’s closure, Kirkland’s rebranded under the new umbrella name The Brand House Collective.
Prior to that acquisition, Kirkland’s ranked No. 609 in the Top 2000. Now, it will become part of an evolving operation at Bed Bath & Beyond, which also also owns Overstock and Buy Buy Baby.
“The excitement around the Bed Bath & Beyond brand has been undeniable with the first of many store conversions,” Lemonis said. “This early success reinforces our conviction in the strategy and our commitment to accelerate the rollout nationwide. Kirkland’s Home design and product development will expand through both Bed Bath & Beyond Home stores and the wholesale market, and I have full confidence in Amy Sullivan and her team to drive this growth.”
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