Board helps luxury fashion house optimize Allocation, Replenishment, and Item Planning processes
Board, the leading global provider of Intelligent Planning Solutions which help organizations plan smarter enabling actionable insights and better outcomes, today announced that Versace, the Italian fashion house that symbolizes luxury worldwide, has chosen Board to transform its Retail Planning.
The Versace Group distributes its products through a direct network of over 200 owned boutiques and 1,500 distributors worldwide, with a turnover of more than one billion euros.
Due to evolving challenges of global sourcing and the change in consumer purchasing habits, Versace recently revamped its retail strategy by opening new stores, strengthening their multi-channel approach and increasing investments in the efficiency of crucial business planning processes.
"Board's Intelligent Planning platform, provides the flexible and easy to use solutions necessary to support the innovation and growth of our brand," said Francesco Loporcaro, IT Manager at Versace "Our selection of Board was influenced by sector expertise and qualified by the main consulting companies, demonstrating the reliability of Board's technology. All of this together proved Board's ability to support the ambitious evolution of our planning process."
Versace turned to Board who already worked together, to transform the global Item Planning process, calculating target stock levels against initial allocations. The consequent replenishment process has been made even more sophisticated by more accurate forecasting, taking into account the rate of returns a crucial figure for the sector and transfers between stores, with the ultimate goal of improving and optimizing stock positions across the entire distribution chain. Board automated the decision process through algorithm-based planning proposals, guaranteeing scalability and security at every stage through an Intelligent Planning solution.
"We are thrilled that a brand as important to the luxury retail landscape as Versace has selected Board. Omnichannel strategy combined with changing customer needs and supply chain challenges requires a continuous evolution and innovation of planning processes in response to evolving challenges in the retail market," said Marco Limena, CEO of Board.
Versace is immediately recognized the world over for its synthesis of culture and Italian luxury into fashion. The brand's deep reverence of classical arts and myth, as represented by brand signifiers like the Medusa head and Greca motif, meets contemporary self-confidence through a signature use of prints and empowering designs. Versace is a lifestyle encompassing ready-to-wear, bags and accessories, jewelry, eyewear, fragrances, watches, Atelier Versace haute couture, and home furnishings.
Board's Intelligent Planning Platform delivers solutions that help over 2,000 organizations worldwide plan smarter enabling actionable insights and better outcomes. Board helps leading enterprises discover crucial insights which drive business decisions and unify strategy, finance and operations through more integrated and intelligent planning to achieve full control of performance. Partnering with Board, global enterprises such as H&M, BASF, Burberry, Toyota, Coca-Cola, KPMG, and HSBC have digitally transformed their planning processes.
Founded in 1994, and now with 25 offices worldwide, Board International is recognized by leading analysts including BARC, Gartner, and IDC.
Dan Chappell, VP Global Communications