Inturn Gets Cao Qifeng'S Investment

According to InTurn's data, an estimated $250 million is sold on a global scale every year.

InTurn is in a timely manner, taking into account Nordstrom's discount department store Nordstrom Rack, Sax's Fifth Avenue special store Saks Off-5th, the famous American department store brand Bloomingdale 's, discount website Century 21 and the American discount store T.J. Maxx are actively expanding their team.

Messi store Macy 's is considering opening outlets stores for the first time.

However, the inventory is lagging behind manual and inefficient tools and processes in sales, which means that the brand takes longer time to produce goods, leads to more price promotions, and buyers can not analyze inventory thoroughly from price.

The rapidly developing sales discount area has been working with B2B technology to accelerate the introduction of full automation so that buyers can purchase excess inventory of brands.

This new platform is called InTurn, which has successfully attracted some high-profile industry investors, such as Ken Seiff, the founder of American luxury discount website Bluefly, and made Tommy Hilfiger and Michael Kors the hero and trader of fashion giant, and fashion brand investor Cao Qifeng.

In addition, the Kirsten Green of Forerunner Ventures, the US e-commerce venture capital company, has implemented a round of $3 billion 600 million worth of financing, including Ken Seiff's venture capital Beanstalk Ventures, the Cao Qifeng family's technology investment department Novel TMT, New York venture capital fund Lerer Novel, the founder of the software Information Technology Service Co, and the venture capital company.

"We redefine the retail sector, which is very manual and outdated."

InTurn CEO and co founder Ronen Lazar told WWD that "instead of assembling products on a daily or weekly basis, it may take only a few minutes.

It improves the workflow of both sides and makes things faster.

"Almost every aspect of the retail experience is fully automated, and the surplus inventory of the seller and the buyer has been completely ignored."

Ken Seiff, the founder of the luxury discount website Bluefly, adds, "the paction between the buyer and the seller has been running through the Excel form for 40 years.

Since its Microsoft Excel software, this is the first big innovation in this field. "

InTurn executives said that since last autumn, the technology has been working with some major brands and retailers, which is in the beta test stage, but the company declined to disclose which brands and retailers it is.

In addition, according to the reporters, Ronen Lazar has assembled a team, including Ralph Lauren former vice chairman and chief operating officer and chief financial officer Michael Newman, the founder and former president of the United States clothing and family fashion low price retailer TJX Companies David Margolis as a consultant.

According to the executive, InTurn was relieved.

The work involves creating data tables; displaying information such as size and color by classifying; displaying quantities, suggested retail prices, wholesale prices, and new asking prices.

A private exhibition hall was created and a clear quotation was given.

InTurn lists procurement rules, such as whether you can purchase all or part of it.

How long will it be closed, geographical restrictions on those products that can be sold, and restrictions on when to start or stop selling products on the schedule.

In addition, there is an analyzer that can calculate the purchase price and get the expected profit.

Buyers can always fill in orders without product drawings, descriptions, color codes, and country of origin information.

In any case, InTurn aims to provide all of this.

It is based on Cloud Computing (no need to install), it is mobile, suitable for any device.

"Brands always sell their excess inventory to retailers using Excel spreadsheets in a linear way."

InTurn CEO and co founder Ronen Lazar said, "this is an old and inefficient way.

Buyers have been limited to buying what they provide rather than what they need.

Because selling price is a by-product of their core business, the final sale of the brand may not be the best buyer for their inventory.

This is a cost of billions of dollars a year, which is a huge sum of money, which is cheap. "