This New Tool Wants To Make The Off-Price Clothing Business Easier
In the apparel world, the term “off-price” is used for excess inventory in fashion outlets and other lower-price retail stores. Brands sell their excess inventory to buyers, negotiating discounts and conditions that make the off-price market complex. But the last real innovation to keep track of those negotiations was the humble Excel spreadsheet, introduced decades ago. Startup INTURN released a cloud-based SaaS solution in April 2015 to bring the off-price apparel market into the 21st century, and with a $9.7 million fundraising round back in January, INTURN is set to keep growing. While brands sell their first-run apparel to all buyers at the same price (that is, “full price”), brands negotiate sale rates for off-price apparel with each buyer. The brand sells off-price apparel at a discount so they can define stipulations for where and when the buyer may resell that off-price inventory to discount retail stores and outlets. This matters because brands don’t want their off-price products to end up competing with its same product at full price. Read more at Fast Company.
