What: the announcement is part of a 3-year turnaround plan.

Why is it important: the retailer is aiming to increase private labels business share, responding to investors criticism.

The home goods retailer said six of the eight brands will launch in the first six months of its fiscal year, according to a company press release.

The announcement comes after the company in October revealed plans to launch at least 10 private labels over the next 18 months as part of a broader three-year turnaround plan.

Investors in the past have criticized Bed Bath & Beyond's lack of private labels. In fact, private labels account for just 10% of the retailer's sales. Comparatively, owned brands make up one-third of Target's sales, according to Telsey Advisory Group.

Among Target's store brands, 10 have generated USD 1 billion in sales, with the most recent being its All in Motion activewear line, which reached the milestone within its first year of launching.

With the planned brand launches, however, Bed Bath and Beyond expects to grow its sales penetration from private labels to 30% within the first three years.

The retailer also announced that it will launch thousands of new products exclusive to Bed Bath & Beyond while simultaneously cutting thousands of underperforming brands, labels and products. All of this is part of a broader three-year turnaround plan, which includes resetting its merchandise assortment, remodeling around 450 stores and improving its digital experience.

Bed Bath & Beyond's 3-year transformation plan

Bed Bath and Beyond plots 8 private labels launches this year