May, 22, 2020
Coats Digital, Res.Q and Serai Limited by HSBC announce a strategic collaboration that will help re-shape the future of the apparel industry.
Combining its unique strengths, the partnership will provide the apparel industry with access to a range of inter-connected digital solutions over Serai’s digital platform. These solutions will not only provide real-time data and end-to-end transparency across the apparel supply chain, but also boost efficiencies leading to cost savings, as well as reducing the need for face-to-face contact.
The timing could not be better. Vivek Ramachandran, CEO, Serai, said: ‘The apparel industry has been devastated by knock-on effects of COVID-19 and requires a reset. The industry must rebuild relationships and respond to new demand patterns that will emerge as part of the new normal. This will require retailers, brands, manufacturers and suppliers to increase their digital engagement, make new connections, share more information, and systematically address pockets of inefficiency across the supply chain.’
The collaboration between Coats Digital, Res.Q and Serai aims to strengthen relationships between buyers and sellers in the apparel industry. It also strives to reduce inefficiencies by connecting the multiple standalone systems that companies currently use to manage their processes. The increased transparency will translate into higher levels of trust between buyers and sellers and improved efficiency, reducing operating costs for participating companies.
Adrian Elliott, President, Apparel and Footwear, Coats, said: ‘The industry now has to rethink its practices and invest in technology to survive in the new normal. This collaboration defines a journey for digitisation in a connected world to deliver true speed to market and significant cost benefits.’
Serai provides a neutral platform open to all industry participants to connect and access the full range of solutions offered by Coats Digital and Res.Q. The partnership is also exploring risk-mitigation and financing propositions that capitalise on the data that emerges from these digital solutions.
By working together Coats Digital, Res.Q, and Serai will help the apparel industry emerge stronger from the current crisis.
Samath Fernando, CEO, Res.Q, said: ‘What has accelerated is the need for simplicity in the Apparel Industry: now, more than ever, we are seeing a demand for systems that speak to each other to create transparency and eliminate duplication of work between Brand and Vendor.’