Randa Partners With First Insight
Leading Wholesaler to Apply Predictive Analytics in Men’s Accessories
PITTSBURGH–(BUSINESS WIRE)–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.
About Randa
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.
Contacts
Media:
Berns Communications Group, LLC
Michael
McMullan, 212-994-4660
or
Company:
First Insight,
Inc.
Gretchen Jezerc
VP, Marketing and Product Management
gretchen.jezerc@firstinsight.com
