Sourcing Journal - June 11, 2019
While customer expectations and retail operations have changed, in many cases, decision-making around inventory has not.
Lucky Brand decided to aggressively take on the issue of inventory planning in January of 2018 with the implementation of Celect, a cloud-based predictive analytics platform that helps brands and retailers make data-driven decisions on what to stock, and where.
At a breakout session at the Retail Innovation Conference in May, Lucky Brand’s VP of merchandise planning, Miles Barger, touched on the challenges the brand has faced and how the new program has helped to optimize stocking issues.
The LA-based clothing brand does 40 percent to 50 percent of its sales in denim, Barger said. With 250 stores spread out between specialty and outlets, along with an e-commerce and wholesale business, Luckywanted to merge its online and store planning systems and move away from an Excel-driven model, which, naturally, carried “a lot of room for error,” Barger noted.