In today’s globalized market, successful retail brands are often acquired by parent companies or ownership groups in efforts to expand their business to new demographics. In fact, the top five largest fashion retailers in the world are all multi-brand owners.
As with any business acquisition, this means managing a new brand and its reputation, as well as any products, processes, and historical data that can help to unlock previously out-of-reach market opportunities and improve the bottom line. While the goal is to gain more customers and increase revenue, integrating the legacy systems of acquired retail brands can be an awkward and challenging roadblock for parent companies.
As product portfolios and brand management grow more complicated, it’s important to maintain streamlined reporting, processes, and KPIs across all brands. The best way to achieve this harmony is by using one standardized product lifecycle management (PLM) solution that works for both individual retail brands and their parent companies.
For parent companies and ownership groups, a standardized PLM solution enables greater visibility into the performance of multiple brands on a singular platform. This makes it easier to manage the reputation, successes, and failures of each brand without having to worry about aggregating siloed data sources from any outdated legacy systems.
When it comes to the individual brand, a standardized PLM solution ensures that they have access to the most innovative and up-to-date technology to more efficiently manage product lifecycles and supply chains. This also guarantees transparency and a single version of the truth for all brand stakeholders, leading to more informed and timely decision making.
In addition to increasing visibility into brand performance, a standardized retail PLM solution helps both individual and parent brands reduce costs and increase margins. At the brand level, PLM helps with merchandising and line planning, concept development and creative design, and quality and compliance. On the parent company side, PLM assists with global materials sourcing, vendor management, mobility, and accessibility to critical product data.
Streamlining these areas guarantees that each brand has access to technology that allows them to stay competitive and navigate through the product lifecycle with the same speed. The ability to integrate other tools like predictive analytics is also helpful in maximizing profitable brands and identifying trends, while guiding inventory management and assortment decisions at the store level.
Whether you identify as an individual fashion, apparel, or footwear brand or are part of a larger retail conglomerate, using a standardized PLM solution provides the best way to increase margins while setting your organization up for future success.
Watch this on-demand webinar to learn more about how PLM is helping brands produce winning products more affordably and efficiently.