Dive Summary:
- IMG Fashion is expected to announce a partnership with JOOR, an online marketplace currently used by over 500 designers and 30,000 buyers where retailers can order fashion brands.
- Both companies say will more efficiently connect players in the $200 billion U.S. fashion industry, as JOOR puts a wider range of brands in front of retailers by allowing them to browse fashions by trend.
- Kurt Salmon retail strategist Alison Jatlow Levy said smaller retailers will gain the most from the deal, as JOOR is most beneficial for buyers who can't travel the world to replenish their stock or don't have the infrastructure to set up their own electronic purchasing system.
From the article:
... Fashion consumers are well acquainted with the point-and-click (or swipe-and-tap) style of virtual shopping. But for some professional buyers in the $200 billion U.S. fashion industry—who still find it crucial to feel the weight and texture of a fabric, or closely examine the fineness of its stitching—the wholesale process of browsing, buying and reordering inventory can be a relatively archaic one. In some cases, orders still take place in person at a showroom, on paper purchase orders. JOOR's technology allows designers to upload their collections online and retailers to browse and buy electronically. ...
