USA: Andersen And Fasturn Team Up For Private-Label
Andersen Consulting, which will be renamed Accenture on Jan. 1, 2001, is a leading global management and technology consultancy. Fasturn is a leading Web-based sourcing solutions provider for manufacturers and retailers of apparel and other made-to-order goods.
The new solution will be aimed at transforming the design, buying and production processes for private-label merchandise by dramatically reducing the time needed to move from a concept to the customer. It is anticipated that this enhanced Private Marketplace solution could reduce the time it currently takes for private-label apparel and other made-to-order merchandise to go from trend to store by as much as 50 per cent.
Andersen Consulting will leverage its retail industry experience to help Fasturn create go-to-market and launch implementation strategies for the customised private-label Private Marketplace. In addition to the newly formed global alliance, Andersen Consulting has selected Fasturn as its preferred private-label sourcing solution.
The firm will receive warrants to acquire an equity position in Fasturn in return for achieving certain goals with the alliance.
The Private Marketplace will be a "design through delivery," or end-to-end product development, sourcing and procurement solution aimed at lowering processing costs and increasing profit margins for retailers and manufacturers selling or acquiring private-label merchandise.
The Fasturn Private Marketplace focuses on achieving this by streamlining the industry's traditional process - aggregating consumer market trends, creating new designs, sourcing new merchandise and delivering the goods to retailers -- while enabling key service partners, agents and importers to conduct business seamlessly via the web.
The result is a web-based solution targeted at optimizing the direct procurement process while enhancing efficiencies in the supply chain.
"We are excited to be working with Andersen Consulting to turbocharge the buying process for the more than $100 billion private-label industry," said Frank Litvack, founder and chief executive officer of Fasturn.
"This Private Marketplace solution will allow global retailers with private-label needs to design, contact vendors, source a full range of products, track these orders in real-time and speed them to market. Our objective is to provide optimized processes, efficiencies, visibility and tight controls in order to improve the bottom line."
"Our alliance is aimed at dramatically boosting the turn rate for private-label merchandise and accelerating the speed to market and profit for global retailers," said Donald Souter, partner, Andersen Consulting. "Working with Fasturn is exactly in line with our aspiration to change the way people live and work while providing solutions that create significant financial value for our clients."
About Andersen Consulting
On January 1, 2001, Andersen Consulting, the $8.9 billion global management and technology consulting organization, will change its name to Accenture. The firm is reinventing itself to become the market maker, architect and builder of the new economy, bringing innovations to improve the way the world works and lives. More than 65,000 people in 48 countries deliver a wide range of specialised capabilities and solutions to clients across all industries. Under its strategy, the firm is building a network of businesses to meet the full range of client needs -- consulting, technology, outsourcing, alliances and venture capital. Andersen Consulting's home page address is www.ac.com. Renamed. Redefined. Reborn. 01/01/01
Based in Los Angeles with offices in New York; Washington D.C.; Seoul, South Korea; and Hong Kong, and agents throughout the world, Fasturn Inc. (www.fasturn.com) is dedicated to providing cutting-edge procurement technologies, content and services for reducing "trend to delivery" times for manufacturers of made-to-order goods.
Fasturn's proprietary technology enables buyers and sellers to streamline sourcing and production using a web-based platform designed to optimize the procurement process, delivering increased margins and workflow efficiencies.
Fasturn's Private Marketplace allows retailers and manufacturers to work with existing suppliers and customers in a secure and private network. Fasturn's Private Marketplace solution delivers significant cost and time savings and gross margin enhancement by streamlining communication, standardizing workflow, consolidating data and offering real-time tracking of the production and procurement cycle.
Fasturn's Global Marketplace aggregates the fragmented communities of garment suppliers, agents and buyers by uncovering new sourcing opportunities, condensing the time for sourcing, aiding the import process with quota and import management services and delivering real-time work in process tracking.
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