Leading U.S. Fashion Company Uses Predictive Analytics to Select, Price and Market New Products
PITTSBURGH, PA and FORT MYERS, FLORIDA – June 22, 2017 – First Insight, Inc., a technology company transforming how leading retailers make product investment and pricing decisions, and Chico’s FAS, Inc. (NYSE: CHS), a leading specialty retailer in the U.S. whose brands include Chico’s, White House Black Market and Soma, today announced a partnership agreement. Using First Insight’s consumer-driven predictive analytics, Chico’s FAS will be able to more quickly and accurately make design, buying and pricing decisions on the apparel, shoes, accessories, and jewelry it offers to its consumers both in stores and online.
Through the partnership, First Insight will utilize its online social engagement tools to gather direct consumer input on new products from Chico’s base of customers. The data will then be analyzed using First Insight’s predictive models, enabling Chico’s FAS to better understand its customer base and calibrate inventory buys, optimize allocation strategies and offer products that align with their needs.
“One of our key strategic imperatives is to leverage actionable retail science to improve our operational performance,” said Shelley Broader, Chief Executive Officer and President of Chico’s FAS, Inc. “Our rich customer data combined with First Insight’s online customer engagement and analytics should help us to identify top performing product as much as 12 months pre-season. We expect this partnership will enhance our ability to consistently deliver the beautiful merchandise our customers want, resulting in stronger sales for our company.”
“For more than thirty years, Chico’s FAS has built its business by cultivating beautiful apparel that puts the needs of its fashion-savvy customers first,” said Greg Petro, CEO and Founder of First Insight. “By introducing enhanced analytics around the voice of the customer into its product development process, we will be able to help Chico’s FAS increase sell-through and reduce markdowns while continuing to deliver trend-right products.”
About First Insight, Inc.
First Insight is the world’s leading provider of solutions that empower retailers and brands to incorporate the voice of the customer into the design and merchandising of new products. Through the use of online consumer engagement, the First Insight solution gathers real-time consumer data and applies predictive analytic models to create actionable insights, which drive measurable value. Retailers, manufacturers and brands use the First Insight solution to design, select, price and market the most profitable new products for reduced markdown rates and improved sales, margins and inventory turnover. Customers include some of world’s leading vertically integrated brands, sporting goods companies, department stores, mass merchant retailers and wholesalers. For further information, please visit www.firstinsight.com.
About Chico’s FAS, Inc.
Chico’s FAS, through its brands – Chico's, White House Black Market, and Soma, is a leading omni-channel specialty retailer of women’s private branded, sophisticated, casual-to-dressy clothing, intimates and complementary accessories.
As of April 29, 2017, Chico’s FAS operated 1,492 stores in the US and Canada and sold merchandise through franchise locations in Mexico. The Company’s merchandise is also available at www.chicos.com, www.whbm.com, and www.soma.com. For more detailed information on Chico's FAS, Inc., please visit www.chicosfas.com.
Berns Communications Group, LLC
First Insight Company Contact:
VP, Marketing and Product Management
Chico’s FAS Company Contact:
Vice President - Investor Relations