Not WALL-E, but Wallie the first AI fashion agent for fashion inventory
This week's All Things Fashion Tech Newsroom: Inventory management just got a new face, generative AI fashion startup raises $24 million and Walmart's wirkin savior... a Rebag partnership.
WAIR Retail Geeks launches the first AI fashion ‘agent’ for inventory management
Raspberry AI Raises $24 Million
Rakuten has released a suite of AI tools
Rebag has partnered with Walmart
E-commerce tech startup Rokt’s deal values the company at $3.5 billion
Wallie, the first AI Fashion Agent for inventory
The future of retail is here, and it’s called Wallie. As the need for the fashion industry to embrace technological advancements, Wallie emerges as a groundbreaking solution designed to revolutionize inventory management, product allocation and how we manage processes in the nearby future. This AI-driven fashion agent promises to deliver new intelligent capabilities which were basically impossible in the traditional way. Delivering both lower costs through hyper automation as improving margins by continuous decision making on micro and macro level.
Retailers face a constant battle to optimize inventory across multiple channels and shopfloors. Striking the perfect balance between overstocks and stockouts is essential, but notoriously difficult to achieve.
One of Wallie’s biggest strengths is solving the challenge of low forecast accuracy in sparce-data scenarios. Unlike traditional systems, Wallie can generate accurate forecasts based solely on an image. This capability ensures that new articles are placed in the right locations with optimal quantities from day one.
In an industry where every decision impacts profitability, Wallie is the intelligent solution that helps you:
Ensure SKUs are always in the right location
Boost your sales margins
Maximize your profits
Generative-AI Design Platform Raspberry AI Raises $24 Million
By Marc Bain of BOF
Raspberry AI, a design platform that adapts AI’s image-generating capabilities to the needs of fashion creatives, on Monday announced $24 million in fresh funding from a number of prominent backers.
The company last year raised $4.5 million from other big names, such as Khosla Ventures — an early investor in OpenAI — as well as Revolve co-founder Michael Mente and Reformation founder Yael Aflalo.
Raspberry is among a group of start-ups building generative-AI design platforms for fashion. Among its capabilities, it can produce new designs from text prompts and image references, translate hand-drawn sketches into photorealistic renderings and automatically create the technical drawings needed for manufacturing.
Cheryl Liu, founder and CEO said more than 70 brands from mass-market to luxury in fashion and footwear are already using Raspberry, often to streamline product development by making it easier to visualise garments and cut out the need for numerous physical samples. In its funding announcement, Raspberry named Under Armour, MCM Worldwide, supply-chain specialist Li & Fung and the large Italian retailer Gruppo Teddy as customers.
Why Japanese E-Commerce Giant Rakuten Is Betting Big on AI
By Zoe Suen of BOF
Rakuten has released a suite of AI tools providing brand merchants with what’s called an NLUI — a ‘natural-language user interface’ that works with written or spoken colloquial commands instead of IT jargon — to harness data insights across its platforms. Launched in 2023, the backend tool was just the start. To make the transition to digital more intuitive for Japanese consumers, many of whom still eschew online shopping, the company has been investing in generative AI search and discovery.
The end-game, of course, is to leverage AI to boost sales. Last year, Rakuten Fashion, the group’s dedicated portal for designer labels, launched semantic search — a technology that applies deep learning AI to interpret the meaning of search terms rather than taking them at face value or relying on keywords.
Chanel, Prada added to Walmart inventories as part of Rebag partnership
By Bloomberg
Walmart Inc. is partnering with luxury reseller Rebag to sell pre-owned handbags, jewelry and accessories online as the retailer looks to attract wealthy shoppers and fashion enthusiasts.
The goods from brands such as Chanel, Prada and Fendi are available starting this week on Walmart’s US website as part of the company’s marketplace of third-party vendors. The items, which are certified by Rebag, significantly boost Walmart’s selection of luxury merchandise. Prices range from hundreds to thousands of dollars.
Walmart is looking to better compete against Amazon.com Inc. and other rivals by adding more brands, broadening its price points and entering new categories online, such as refurbished electronics and collectible sneakers. Walmart’s e-commerce sales have been growing rapidly in recent quarters.
Rebag Chief Executive Officer Charles Gorra said the partnership will help his company to reach more consumers and expand its geographic reach.
Walmart’s stock has risen about 70% over the past 12 months as more US consumers turn to the company, known for its slogan of “everyday low prices,” for groceries and other necessities. Marketplace has emerged as a growth driver for Walmart, allowing the retailer to sell brands it historically hasn’t sold.
E-commerce firm Rokt valued at $3.5 bln after secondary offering
By Reuters
E-commerce tech startup Rokt said on Thursday it has agreed to a secondary share offering worth $335 million with investors including Tiger Global Management, in a deal that values the company at $3.5 billion.
Rokt, which uses artificial intelligence and machine learning to analyze online shoppers and their engagement with products and services, was valued at $2.4 billion at the end of 2022.
"Rokt has delivered exceptional growth since launching 12 years ago, with our revenue trajectory continuing to accelerate – this year achieving 43% growth year over year, reaching $600 million," said Bruce Buchanan, CEO and co-founder of Rokt.
Separately on Thursday, Rokt announced it would merge with customer data platform mParticle in a $300 million deal.
ThredUp announces Q4 preliminary financial results above expectations
By Jennifer Braun of FashionUnited
Online resale platform ThredUp announced on Tuesday preliminary financial results for the fourth quarter above expectations.
The Oakland California-based company reported total revenue of $66.7 million to $67.2 million for the quarter ending December 31, representing a 9% annual growth rate, exceeding its previous guidance of $58 to $60 million.
“I am encouraged by our preliminary fourth quarter results that exceeded all elements of our guidance, and the return to solid growth in our core business,” said ThredUp co-founder and CEO, James Reinhart.
“The exclusive focus on our U.S. business, along with the growing impact of the AI-driven enhancements to our product experience, helped to accelerate momentum throughout the quarter. At the same time, leverage on our many years of infrastructure and marketplace investments drove meaningfully higher margins. We look forward to sustaining this momentum as we turn the page to 2025.”
