New Look founder Tom Singh has backed a technology start-up company that aims to help fashion retailers and clothing factories manage their supply chains.
Fabacus, launched by entrepreneur Andrew Xeni in 2015, aims to save retailers money by streamlining the way manufacturers manage complex supply chains, offering access to live data and system-to-system integration.
The company said it is already working with several of the UK’s largest fashion manufacturing companies and is in advanced stages of securing contracts with both bricks-and-mortar and ecommerce retailers, but declined to give names.
“Online shopping has been a double-edged sword for the fashion industry,” said Singh. “It’s put some traditional retailers under pressure but unlocked a massive wealth of opportunity for those able to modernise and benefit from digital technology.”
“Fabacus has been created from the ground up inside a clothing manufacturer and the point is to replace a culture of sticky notes and Excel sheets with digital processes that have the potential to really help companies grow and become more efficient.”
Xeni added: “There is a huge opportunity for retailers to drive significant cost savings to consumers through better understanding how their products are made. By using living data uploaded on to the cloud, manufacturers have the potential to grow and become far more efficient.”
Singh opened his first store in 1969, with a £5,000 loan from his parents after graduating from the University of Wales.