Investor Alert

Jan. 27, 2021, 4:33 p.m. EST

Target partners with Levi Strauss for lifestyle collection, invests $200 million in employee bonuses

Tonya Garcia

Target Corp. (NYS:TGT) is launching a lifestyle collection with Levi Strauss & Co. (NYS:LEVI) , Levi’s for Target, on Feb. 28.

The exclusive collaboration will include 100 items, and marks the first home goods line for the iconic denim brand.

Merchandise will include items for pets, as well as apparel. Target already carries Levi Strauss items through the Denizen brand and Levi’s Red Tab, which launched in 2019.

Levi Strauss is scheduled to report its fourth-quarter earnings after the closing bell on Wednesday.

Target also announced this week that it will invest $200 million on additional worker bonuses to start off 2021.

Hourly employees working in stores, distribution centers and offices will receive $500. Twelve thousand employees with titles including store directors, executive team leaders and salaried distribution center leaders will receive bonuses in the range of $1,000 and $2,000.

This is the fifth bonus that Target has given its workers since the start of the pandemic.

See: Target’s holiday sales show the importance of stores even as COVID-19 drives business online

The retailer also raised the starting wage to $15 per hour.

Target stock has rallied 59% over the past year, outpacing the S&P 500 index (S&P:SPX) , which is up 15.6% for the period.

Link to MarketWatch's Slice.