Spanish fashion brand Desigual said it has partnered with First Insight Inc. and its predictive analytics solutions to help inform product development in women’s, men’s and children’s wear as well as footwear and accessories.
Terms of the deal were not disclosed. The companies said the partnership aimed to help the brand leverage consumer insights to “fuel apparel designs and pricing decisions.” First Insight helps brands and retailers determine products and styles that resonate with shoppers as well as the price points they are willing to pay.
Desigual said “consumer satisfaction is our ultimate goal. By implementing First Insight, we are enhancing our customer-oriented business model.” The company said the technology will be “critical to understanding and meeting our growing customer needs.”
The fashion company, which was founded in Barcelona in 1984, describes its brand and market position as being “defined by its unique way of interpreting fashion and life,” which is based on “positive values such as creativity, fun and the celebration of difference, and reflected in original, upbeat and colorful designs.”
Greg Petro, chief executive officer and founder of First Insight, said Desigual has “built its business on successfully bringing new, cutting-edge and innovative designs to the market. Through our partnership, we will provide Desigual with the customer insights they need to inspire greater confidence in introducing fashion choices that match customer style preferences.”
Desigual, like other fashion brands, faces shoppers who are spending less on apparel and more on activities related to the “experience economy.” Moreover, consumers — especially Millennials — are more selective in the brands they support. And when they do make a purchase, it has to be at the right price point.
First Insight says its solutions are designed to help brands and retailers cut markdowns by as much as 25 percent. The solutions align inventory purchases to be informed by consumer preferences and behavior. The insights and data are culled via online social engagement tools. “This data will then be analyzed by First Insight’s predictive models to better understand Desigual’s customer base in order to manufacture products that align with their needs,” First Insight said.
Other companies and brands that use First Insight include Caleres, Dick’s Sporting Goods, Salvatore Ferragamo, Randa Accessories, Kohl’s and Vince Camuto, among others.