Bolt-on solution set to quickly optimize inventory forecasting and replenishment at top fashion retailer
LONDON, UK - Jan, 2008 – Bolt-on solution set to quickly optimize inventory forecasting and replenishment at top fashion retailer. New Look, a leading European apparel retailer known for its fast fashion proposition and leading designer ranges, has selected and implemented Quantum Retail’s inventory optimization solution, Q, to manage the replenishment of its 600 stores.
“As a fast fashion business with our customers at the core of everything we do, we recognized that Quantum Retail’s demand forecast model offered us an opportunity for our customers to further influence our decision-making,” said New Look Director of IT, Adrian Thompson. “It’s innovative science allowed us to continue to support our fast fashion model with speedy and accurate decisions based on our latest sales and stock figures.”
“The compelling business case that supported this investment was based on a number of metrics ranging from stock imbalance, improved service levels and a reduction in markdown,” Thompson added. “Put simply, Quantum Retail is able to more accurately reflect where our customers would like the product and at what level. It effectively bridges the gap between planning and execution.”
Quantum Retail’s Q solution has been implemented alongside the retailer’s existing Oracle retail merchandising system, initially optimizing the replenishment part of the business. Future planned phases include multi channel lifecycle management, initial allocation and reorder planning. vii.
“The successful delivery of this program was based on an exhaustive proof of concept and a speedy implementation,” Thompson said. “The Quantum team integrated seamlessly with my own. Their well thought through designs included system and integration, great business engagement and training at both commercial and functional levels. Quantum is now live with no adverse impact to either IT or the business and is already giving us confidence that the business case will be delivered successfully.”
After an initial monitoring period, service levels showed an increase in availability alongside a reduction in total inventory when compared to a control group. As the rollout of Q continues, it will be rebalancing stock throughout New Look’s 600 UK and international stores, leading to fewer stock outs and improved sales and profit. Through the use of Q’s advanced forecasting and order planning module, New Look will be able to gain greater visibility of long range inventory need and be able to optimally flow inventory to its stores.
“Q uses a proprietary approach that is designed to be the most accurate, responsive and reliable inventory fulfillment tool in the fast-changing world of retail,” said Chris Allan, head of product strategy for Quantum Retail. “At the same time Q has been designed to be a highly practical and useable solution that operates alongside existing systems for simple and quick implementation.”
“Its simple user interface means Q can be used by our allocators, rather than having to rely on experienced forecasters and mathematicians,” Thompson concluded.
About Quantum Retail Technology, Inc.
Quantum Retail answers the new questions facing retailers with a merchandise optimization suite designed for the increasing pace and complexity of the consumer revolution and today’s competitive landscape. Quantum Retail’s solutions solve the most difficult and costly problems retailers face – quickly and permanently. Our Q solution is the answer for: Forecasting and Order Planning – Replenishment and Allocation – Assortment and Range Planning.
About New Look
New Look has 590 stores in the UK and Eire, and 263 stores in France trading under the name Mim. In addition, New Look has 13 branded stores in France and Belgium, and has recently opened franchise stores in Dubai, Kuwait and Saudi Arabia. In the UK New Look has a 4.8% market share, making it among the leading womenswear retailers in the UK (Source – TNS).
New Look also has a growing market share in Mens & Kidswear and is now the number 1 retailer of women’s shoes in the UK by volume, with a market share of 7.3%. (Source – TNS). 25% of British women have bought an item of outerwear from New Look – amounting to over 6 million customers (Source – TNS). New Look’s competitors include H&M, Next, Top Shop and Dorothy Perkins. The average age of shoppers in New Look is 30.
Further information can be found on http://www.newlook.co.uk and Product and Management photos are available upon request.
