Leading Wholesaler to Apply Predictive Analytics in Men’s Accessories
PITTSBURGH, PA – March 16, 2017 – First Insight, Inc., a technology company transforming how leading retailers make product investment and pricing decisions, today announced a partnership agreement with Randa Accessories (Randa), the world’s leading producer of men’s accessories. Using First Insight’s consumer-driven predictive analytics, Randa will be able to more quickly and accurately make design, buying and pricing decisions on the accessories it offers to its retail partners, and consumers, worldwide.
With offices in 11 countries spanning five continents, Randa produces 75 lifestyle brands ranging from highly penetrated brands to emerging designers in men's belts, small leather goods, neckwear, luggage, casual bags, jewelry, and seasonal accessories including footwear, hats, gloves, and gifts. Partnering with First Insight, Randa aims to further advance its industry leadership and reputation for observing and distilling trends, sourcing and designing the right products for its partners.
“We are dedicated to making our partners successful. Offering the right assortment through the right channel at the right price is critical for growth - and that requires timely and accurate information,” said David J. Katz, EVP and Chief Marketing Officer of Randa. “We are excited about our partnership with First Insight because their predictive analytic platform will enable us to elevate the discussion we have with our retail and brand partners, make more informed recommendations based on direct feedback from consumers and drive better business results and increased consumer satisfaction.”
As part of this agreement, First Insight is using online social engagement tools to gather real-time preference, pricing and sentiment data on potential product offerings. The information is then filtered through First Insight’s predictive analytic models to determine which products present the greatest opportunity. The solution will enable Randa to evaluate a greater number of designs and products quickly as well as calibrate production and pricing to reflect direct consumer input and maximize return-on-investment.
“We are thrilled to be partnering with Randa, a company that has built its reputation on helping their retail partners adapt to changing global economies, shifting channels of distribution and new materials innovation in order to recommend the right products,” said Greg Petro, CEO and Founder of First Insight. “We are helping Randa build on this reputation by bringing a direct connection to consumers and a window into their changing demands, reducing risk and bringing greater confidence to new product decision-making while matching consumer pricing expectations.”
Randa will be co-presenting with First Insight at the WWD Men’s Wear Summit on March 21.
About First Insight, Inc.
First Insight is the world’s leading provider of solutions that empower brands to incorporate the voice of the consumer 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.
Randa produces men's belts, small leather goods, neckwear, luggage, casual bags, jewelry, and seasonal accessories including footwear, hats, gloves, and gifts, bringing these to market through all channels of distribution, worldwide. More than the world’s largest men’s accessories company, Randa uses its scale and expertise to create and expand powerful brands, exceptional products and extraordinary shopping experiences. For more information: http://www.randa.net.
Berns Communications Group, LLC
VP, Marketing and Product Management