The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
The Boston-based firm, which enables store associates to communicate with shoppers and access their information, completed its Series B-1 funding round, it announced Jun. 30. The news comes on the heels of NewStore seeing its software sales double in the first half of 2021 compared to the previous year.
Services like NewStore helped brick-and-mortar retailers adapt to the e-commerce surge that resulted from the pandemic. Using the NewStore platform, sales associates can reach customers online when they’re not actually inside the store. It counts Ganni and Outdoor Voices as brand clients.
“The pandemic created a rush to adopt omnichannel in the retail industry, and NewStore’s platform was perfectly positioned to help the brands looking to make the transition,” Stephan Schambach, its founder and chief executive, said in a statement.
As the German sportswear giant taps surging demand for its Samba and Gazelle sneakers, it’s also taking steps to spread its bets ahead of peak interest.
A profitable, multi-trillion dollar fashion industry populated with brands that generate minimal economic and environmental waste is within our reach, argues Lawrence Lenihan.
RFID technology has made self-checkout far more efficient than traditional scanning kiosks at retailers like Zara and Uniqlo, but the industry at large hesitates to fully embrace the innovation over concerns of theft and customer engagement.
The company has continued to struggle with growing “at scale” and issued a warning in February that revenue may not start increasing again until the fourth quarter.