BOSTON, March 22, 2016 /PRNewswire/ -- Celect, a market leader in predictive analytics and choice modeling for retailers, today announced the addition of Urban Outfitters, Inc. (NASDAQ: URBN) to the company's growing list of customers.
URBN is an innovative specialty retail company with a portfolio of brands, including Urban Outfitters, Anthropologie, Free People, Terrain, and BHLDN; together, the brands operate more than 500 retail locations worldwide. Free People also wholesales to approximately 1,800 specialty stores and select department stores globally.
"The URBN brands have a long history of providing our customers with unique and compelling product assortments. This partnership will highlight ways in which we can please our customer more," said David Hayne, Chief Operating Officer at Free People.
Celect is helping retailers worldwide make improved decisions about what to buy and allocate to stores. Leveraging existing customer data, Celect takes the guesswork out of the merchandise planning and allocation process through advanced machine learning and predictive analytics at scale.
"Urban Outfitters is a perfect example of how retailers can realize improved value with Assortment Optimization from Celect," said John Andrews, CEO at Celect. "We are proud to bring our predictive analytics technology to Urban to help them provide optimized shopping experiences for their customers."
About Urban Outfitters, Inc.
Urban Outfitters, Inc. is an innovative specialty retail company which offers a variety of lifestyle merchandise to highly defined customer niches through 240 Urban Outfitters stores in the United States, Canada, and Europe, catalogs and websites; 218 Anthropologie Group stores in the United States, Canada and Europe, catalogs and websites; 114 Free People stores in the United States and Canada, catalogs and websites; and Free People wholesale, which sells its product to approximately 1,800 specialty stores and select department stores worldwide, as of January 31, 2016.
Celect is a predictive analytics platform that enables retail buyers, merchandisers, planners and inventory analysts to increase sales, margins, and reduce markdowns by placing the right product, in the right place, at the right time - across all channels. By turning big data into smart data, the Celect Choice Engine allows retailers to understand how an individual customer shopping at a specific location chooses from an assortment of products. The technology builds on a fundamental advance in customer choice modeling and machine learning called by MIT's Computer Science and Artificial Intelligence Laboratory, one of the 50 greatest innovations it has ever produced. For more information, visit celect.com.