Benetton Group Teams With Retail Intelligence Firm EDITED

Benetton Group, an Italian fashion company, is teaming once more with retail market intelligence firm EDITED as a “necessary platform” for its future three-year roadmap, according to a Wednesday (Dec. 16) announcement.

“As previous users back in 2018, we realized how valuable the Market Intelligence Platform was to our pricing strategy for Benetton’s long-term growth,” Sara Veronese, licensing manager of United Colors of Benetton, said in the announcement. “With a historical bank of data, we’re able to adjust our pricing architecture and thus refine our assortment.”

Price positioning is an essential factor in the present retail environment, according to the announcement, particularly as COVID-19 continues affecting global markets to various degrees.

EDITED Retail Market Intelligence, which offers real-time information on more than 140,000 brands and retailers, lets the Benetton Group compare themselves against key rivals on a global level. EDITED aims to provide mass-market retailer transparency into different markets, enabling the Benetton Group to accurately plan, map and price its collection as early as possible.

“With the challenging environment of 2020, EDITED is more crucial than ever to help us navigate the uncertainty, identify opportunities in the market and boost our margins,” Luca Collesei, brand director of Undercolors of Benetton, said in the announcement.

Brands such as Tommy Hilfiger, Marni, John Lewis, Puma and Zara harness EDITED’s collection of market intelligence offerings to shape their retail approaches and arrive at better promotions, pricing and assortment decisions, according to the announcement.

The EDITED platform harnesses complex analytics, artificial intelligence (AI) and picture and text recognition to better understand pricing, promotions and trends within the clothing, homeware and beauty verticals. EDITED is developed by engineers and data scientists working with past buyers and merchandisers from international brands and merchants, per the announcement.

In separate retail analytics news, Vroom recently said that it had entered into a definitive arrangement to acquire artificial intelligence (AI)-powered analytics and digital services firm CarStory through the purchase of Vast Holdings, Inc.