Li & Fung and First Insight announce strategic partnership

Li & Fung – a Hong Kong-based business that aims to help speed up consumer goods companies’ sourcing of products by creating more digitised supply chains – has announced a new partnership with predictive analytics provider, First Insight.

As part of the new collaboration, First Insight’s ‘Voice of the Customer Analytics’ offering will be integrated into Li & Fung’s digital supply chain platform.

The two organisations said the tie-up will enable brands and retailers to select, price and buy designs with greater confidence – based on the latest consumer insights – and ultimately increase sell-through and reduce markdowns.

Li & Fung has been touting its ‘supply chain of the future’ concept for several years, including via flagship presentations at major industry events such as NRF’s Big Show. It has been developing what it describes as a “fully-integrated digital supply chain platform that connects brands and retailers with suppliers and other partners seamlessly with end-to-end data capture and visibility”, but it has struggled to achieve growth in the last few years.

The Asian business, which has a customer base mainly in North America and Europe, offers 3D virtual design services. This follows the idea that many of traditional methods of product development in the supply chain can be digitised – from initial design and pattern sharing, to fitting processes, catalogues, and visual merchandising.

Now with First Insight’s digital consumer testing, the Li & Fung platform will have fresh consumer insight data to help companies make decisions earlier in the product development phase.

“At Li & Fung we help brands and retailers digitise design and bring the right products to market quickly and efficiently,” explained Spencer Fung, group CEO of Li & Fung.

“We have been investing in our digital product development services for the past three years, bringing together technologies that support our goal of creating the supply chain of the future.”

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