Chico’s FAS Partners with First Insight
June 22 2017 - 9:13AM
Business Wire
Leading U.S. Fashion Company Uses Predictive
Analytics to Select, Price and Market New Products
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170622005670/en/
Media:Berns Communications Group, LLCMichael McMullan,
212-994-4660orFirst Insight:Gretchen JezercVP, Marketing and
Product Managementgretchen.jezerc@firsinsight.comorChico’s
FAS:Jennifer Powers, 239-346-4199Vice President - Investor
Relationsjennifer.powers@chicos.com
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