BOSTON, March 22, 2016 /PRNewswire/ -- Celect, a
market leader in predictive analytics and choice modeling for
retailers, today announced the addition of Urban Outfitters, Inc.
(NASDAQ: URBN) to the company's growing list of customers.
URBN is an innovative specialty retail company with a portfolio
of brands, including Urban
Outfitters, Anthropologie, Free People, Terrain,
and BHLDN; together, the brands operate more than 500 retail
locations worldwide. Free People also wholesales to
approximately 1,800 specialty stores and select department stores
globally.
"The URBN brands have a long history of providing our customers
with unique and compelling product assortments. This partnership
will highlight ways in which we can please our customer more," said
David Hayne, Chief Operating Officer
at Free People.
Celect is helping retailers worldwide make improved decisions
about what to buy and allocate to stores. Leveraging existing
customer data, Celect takes the guesswork out of the merchandise
planning and allocation process through advanced machine learning
and predictive analytics at scale.
"Urban Outfitters is a perfect example of how retailers can
realize improved value with Assortment Optimization from Celect,"
said John Andrews, CEO at Celect.
"We are proud to bring our predictive analytics technology to Urban
to help them provide optimized shopping experiences for their
customers."
About Urban Outfitters, Inc.
Urban Outfitters, Inc. is an innovative specialty retail company
which offers a variety of lifestyle merchandise to highly defined
customer niches through 240 Urban Outfitters stores in the United States, Canada, and Europe, catalogs and websites; 218
Anthropologie Group stores in the United
States, Canada and
Europe, catalogs and websites; 114
Free People stores in the United
States and Canada, catalogs
and websites; and Free People wholesale, which sells its product to
approximately 1,800 specialty stores and select department stores
worldwide, as of January 31,
2016.
About Celect
Celect is a predictive analytics platform that enables retail
buyers, merchandisers, planners and inventory analysts to increase
sales, margins, and reduce markdowns by placing the right product,
in the right place, at the right time - across all channels.
By turning big data into smart data, the Celect Choice Engine
allows retailers to understand how an individual customer shopping
at a specific location chooses from an assortment of products. The
technology builds on a fundamental advance in customer choice
modeling and machine learning called by MIT's Computer Science and Artificial Intelligence
Laboratory, one of the 50 greatest innovations it has ever
produced. For more information, visit celect.com.
Media Contact:
Todd Harris
todd@celect.com
617-872-0258
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SOURCE Celect