NEW YORK, Jan. 11, 2019 /PRNewswire/ -- NRF 2019 – Retail's Big Show, Booth #1125 -- Lucky Brand will share its experience working with Celect to optimize inventories at NRF 2019: Retail's Big Show in a session titled, "How Lucky Brand Optimized Allocation and Store Fulfillment With Advanced Analytics."
"As we diversify Lucky Brand's denim apparel roots to manage a vibrant collection of lifestyle products, we are aggressively growing our multi-channel distribution network and building a complex e-commerce network," noted Mike Relich, COO, Lucky Brand. "We view optimizing inventories as a key component to improving profitability; working with Celect has allowed us to deliver better margins, increase service levels and improve inventory turnover."
On Monday, January 14th at 4 PM in Expo Hall Level 3, Stage 6, Lucky Brand COO Mike Relich and Celect executives will discuss:
- Why previous allocation and fulfillment processes were inefficient and the need to integrate disparate processes
- How Lucky Brand was able to rethink style allocation and predict localized demand
- Ways Lucky Brand changed its fulfillment approach to pull inventory from slow-turn stores and speed order delivery
- The operational impact of inventory optimization – avoiding markdowns, minimizing sellouts, increasing full-price sales and maximizing gross margins
"We had high expectations for Celect and have been absolutely floored by the results. Our team readily embraced the new system and has been able to work smarter and faster than ever before," added Relich. "We can now not only confidently predict which styles should go to which stores and put our inventory in the right place, but also readily pull from stores for order fulfillment while avoiding out-of-stocks and excess inventory. Our stores have even been providing extremely positive feedback about how using Celect has improved dynamic inventory replenishment for their customers."
Celect, a market leader in predictive analytics and inventory optimization, helps retailers overcome longstanding inventory obstacles while driving revenue and improving the shopper experience. With the Celect Inventory Optimization Suite, Lucky Brand has been able to make accurate demand predictions that optimize retail inventories throughout the entire product lifecycle—from reducing markdowns and increasing full-price sell through, to improving in-store conversions and minimizing stockouts.
"It is time for retailers to eliminate inventory guesswork so they can make better, more profitable merchandising, allocation and fulfillment decisions. Celect empowers technology-savvy retailers like Lucky Brand to predict future buying patterns and boost their bottom-line – both online and in-store," noted Celect CEO John Andrews, who will join the session at NRF.
To learn more, visit Celect at NRF booth #1125 or watch Lucky Brand COO Michael Relich and VP of Store Analytics Miles Barger discuss their successes to date.
About Lucky Brand
Founded in Los Angeles with a focus on heritage denim, Lucky Brand has embodied the independent spirit and lifestyle of our hometown for over 25 years. Vintage-inspired jeans, broken-in graphic tees, classic leather motorcycle jackets, and bohemian styles all capture the laidback vibes and authenticity of Lucky. Our designers specialize in updating premium denim, working with technical fabrics and beautiful washes to create truly unique jeans that feel great, no matter who you are. At Lucky, we uphold high standards of craftsmanship, and the care and passion that goes into every detail is what allows our clothing to tell a story and celebrate individuality. We've come a long way from that first pair of jeans we made in 1990, and in our clothes, you'll look, feel, and stay Lucky.
Celect is a cloud-based, predictive analytics SaaS platform that helps retailers optimize their overall inventory portfolios in stores and across the supply chain, resulting in double-digit percentage revenue increases. This groundbreaking advance in machine learning and optimization allows retailers to understand how an individual customer shopping in-store or online chooses from an assortment of products, revealing true demand. The technology builds on a fundamental advance in customer choice modeling called by MIT's Computer Science and Artificial Intelligence Laboratory one of the 50 greatest innovations it has ever produced.
See your ROI from optimized inventories: www.celect.com/roi
Connexa Communications for Celect