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FITCH
Leading
global
retailer
confirms
accuracy
of
First
Insights
predictive
analytic
solution
for
product
selection
and
pricing.
PITTSBURGH,
PA
and
NEW
ALBANY,
OH
February
5,
2014
First
Insight,
Inc.,
a
technology
company
transforming
how
leading
retailers
make
product
investment
and
pricing
decisions,
today
announced
a
partnership
agreement
with
leading
global
specialty
retailer
Abercrombie
&
Fitch
Co
(NYSE:
ANF).
As
part
of
the
agreement,
First
Insight
will
provide
its
consumer-driven
predictive
analytics
to
help
Abercrombie
&
Fitch
make
faster
and
more
accurate
design,
buying
and
pricing
decisions,
thereby
reducing
markdowns
and
mitigating
risks
associated
with
new
product
introductions.
The
partnership
is
based
on
Abercrombies
confirmation
of
the
accuracy
of
First
Insights
solution
during
a
thorough
due
diligence
process.
In
partnering
with
First
Insight,
Abercrombie
&
Fitch
gains
strategic
investment
guidance
on
thousands
of
new
products
and
designs.
Through
online
social
engagement
tools,
First
Insight
enables
Abercrombie
&
Fitch
to
gather
real-time
consumer
preference
and
pricing
data
on
candidate
new
products,
months
before
products
are
launched
in
the
market.
This
data
is
filtered
through
First
Insights
predictive
analytic
models
to
determine
which
products
present
the
greatest
opportunity.
First
Insights
solution
is
now
enabling
Abercrombie
&
Fitch
to:
Test
new
candidate
products,
in
every
product
category,
every
week,
throughout
the
merchandising
organization
and
the
product
development
lifecycle
(design,
selection,
pricing,
and
buy
depth).
Execute
on
its
strategy
to
decrease
promotions
and
increase
average
unit
retail
prices.
We
are
excited
to
be
partnering
with
Abercrombie
&
Fitch,
one
of
the
worlds
leading
brands
in
specialty
retail,
said
Greg
Petro,
President
and
CEO
of
First
Insight.
Our
mission
is
to
provide
retailers
such
as
Abercrombie
&
Fitch
with
a
fast,
scalable
solution
that
enables
them
to
leverage
customer
feedback
and
predictive
analytics
to
make
product
decisions
with
confidence.
It
is
further
exciting
to
see
Abercrombie
&
Fitch
fully
adopt
and
embrace
our
solution,
and
we
look
forward
to
driving
measurable
results.
First
Insight
will
be
a
critical
element
in
the
transformative
changes
to
our
business,
said
Gillian
Galner,
GVP
of
Abercrombie
&
Fitch.
By
using
First
Insight
to
identify
more
winning
products
and
price
them
appropriately,
we
are
increasing
speed
to
market
with
the
right
styles
which
will
yield
increases
in
sales
and
margin.
After
evaluating
the
solution
for
an
extended
period,
we
have
confirmed
the
solution
will
deliver
a
strong
return
on
investment.
About
First
Insight,
Inc.
First
Insight
is
the
worlds
leading
solution
provider
empowering
companies
to
drive
new
product
success
by
introducing
the
right
products
at
the
right
price.
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
improved
sales,
margins
and
inventory
turnover.
Customers
include
some
of
worlds
leading
department
stores,
brands,
and
specialty
and
vertically
integrated
retailers.
For
further
information,
please
visit
www.firstinsight.com
.
About
Abercrombie
&
Fitch
Abercrombie
&
Fitch
Co.
is
a
leading
global
specialty
retailer
of
high-quality,
casual
apparel
for
Men,
Women
and
Kids
with
an
active,
youthful
lifestyle
under
its
Abercrombie
&
Fitch,
abercrombie,
Hollister
and
Gilly
Hicks
brands.
The
company
currently
operates
890
stores
in
the
United
States
and
166
stores
across
Canada,
Europe,
Asia
and
Australia.
The
Company
also
operates
e-commerce
websites
at
www.abercrombie.com
,
www.abercrombiekids.com
,
www.hollisterco.com
and
www.gillyhicks.com
.
Media
Contact:
Michael
McMullan
Berns
Communications
Group,
LLC
(212)
994-4660
Company
Contact:
Jim
Shea
Chief
Marketing
Officer
First
Insight,
Inc.
(724)
759-7141
###