Efforts to improve and streamline sourcing in the European clothing industry were given a significant boost today following a partnership agreement between TexYard (www.texyard.com) and Internet Capital Group (ICG)(NASDAQ: ICGE), the business-to-business (B2B) e-commerce company. ICG will inject an initial $4.5m into TexYard as the first stage of a longer-term partnership between the two companies.
TexYard is an online business-to-business sourcing solution for the apparel industry. It focuses on aiding collaboration between major European clothing retailers and their suppliers. Using proprietary Internet technology, TexYard aims to assist in removing supply chain inefficiencies and enable a much faster reaction to consumer demands by the retail industry.
The company offers a neutral trading environment which gives access to a variety of tools that will help shorten design and delivery times, increase sourcing options and cut costs through greater efficiencies in procurement.
Co-founder and president of TexYard, Brent Dennison said: "The involvement of ICG is about much more than funding - it will enable us to accelerate our rollout across Europe and Asia by drawing on ICG's global network of partner companies and experience in B2B platform development. The range of online supply chain management tools that we will now add to our offering will dramatically increase efficiency and time-to-market in the industry."
Doug Alexander, president & CEO of ICG Europe said: "ICG's objective with TexYard is to help leading European retailers get the right clothes, at the right time, at the right price. ICG has spent the year understanding European retailers' most pressing needs, which include shorter time to market, faster replenishment and lower procurement costs. After examining over 20 independent apparel-focused platforms, we believe that TexYard offers the most viable solution to the inefficiencies in the clothing industry."
TexYard has established a strategic investor plan that will allow a limited number of the leading European clothing retailers and branded apparel companies to participate in the success of the platform while maintaining its neutrality.
The first to take advantage of this opportunity has been KarstadtQuelle - one of Europe's largest retail chains, the leading textile buyer in Europe, and Germany's largest clothing retailer. KarstadtQuelle purchases well over US$2bn of garments and textiles each year, and is currently migrating a significant amount of its sourcing to the TexYard platform.
Co-founder and COO of TexYard, Dr Levent Hekimoglu said: "Following the success of our Karstadt kick-off, we are in detailed discussions with a number of other clothing retailers and expect to announce further collaborations in the near future. We will simultaneously be growing our base of suppliers, bringing many of Europe's and Asia's manufacturers on board to build liquidity on the site."
About TexYard
TexYard is an online business-to-business sourcing solution for the apparel industry. It helps bring buyers and sellers together online, by creating a simple and efficient process for communicating and purchasing. Based in London, TexYard's initial funding came from a number of manufacturers and Internet investors. The technology development was handled in partnership with Syntel Inc, (NASDAQ: SYNT) an e-business, applications integration, and applications outsourcing firm, which also made an additional multi-million dollar investment in TexYard.
About Internet Capital Group
Internet Capital Group (ICG) is engaged in business-to-business e-commerce through a network of partner companies. It provides operational assistance, capital support, industry expertise, and a strategic network of business relationships intended to maximise the long-term market potential of more than 70 business-to-business e-commerce companies around the globe. Internet Capital Group is based in Wayne, Pa. and has European offices in London, Munich and Paris. ICG has over a dozen partner companies across Europe, including Buying Team, CargoBiz, CreditTrade, and Printmountain.
About KarstadtQuelle New Media
KarstadtQuelle New Media is responsible for the e-business strategy of the KarstadtQuelle group. Based in Essen, the company develops the electronic sales activities of the KarstadtQuelle group. KarstadtQuelle AG will invest a total of 400m marks in its e-business segment by 2004.
TexYard is an online business-to-business sourcing solution for the apparel industry. It focuses on aiding collaboration between major European clothing retailers and their suppliers. Using proprietary Internet technology, TexYard aims to assist in removing supply chain inefficiencies and enable a much faster reaction to consumer demands by the retail industry.
The company offers a neutral trading environment which gives access to a variety of tools that will help shorten design and delivery times, increase sourcing options and cut costs through greater efficiencies in procurement.
Co-founder and president of TexYard, Brent Dennison said: "The involvement of ICG is about much more than funding - it will enable us to accelerate our rollout across Europe and Asia by drawing on ICG's global network of partner companies and experience in B2B platform development. The range of online supply chain management tools that we will now add to our offering will dramatically increase efficiency and time-to-market in the industry."
Doug Alexander, president & CEO of ICG Europe said: "ICG's objective with TexYard is to help leading European retailers get the right clothes, at the right time, at the right price. ICG has spent the year understanding European retailers' most pressing needs, which include shorter time to market, faster replenishment and lower procurement costs. After examining over 20 independent apparel-focused platforms, we believe that TexYard offers the most viable solution to the inefficiencies in the clothing industry."
TexYard has established a strategic investor plan that will allow a limited number of the leading European clothing retailers and branded apparel companies to participate in the success of the platform while maintaining its neutrality.
The first to take advantage of this opportunity has been KarstadtQuelle - one of Europe's largest retail chains, the leading textile buyer in Europe, and Germany's largest clothing retailer. KarstadtQuelle purchases well over US$2bn of garments and textiles each year, and is currently migrating a significant amount of its sourcing to the TexYard platform.
Co-founder and COO of TexYard, Dr Levent Hekimoglu said: "Following the success of our Karstadt kick-off, we are in detailed discussions with a number of other clothing retailers and expect to announce further collaborations in the near future. We will simultaneously be growing our base of suppliers, bringing many of Europe's and Asia's manufacturers on board to build liquidity on the site."
About TexYard
TexYard is an online business-to-business sourcing solution for the apparel industry. It helps bring buyers and sellers together online, by creating a simple and efficient process for communicating and purchasing. Based in London, TexYard's initial funding came from a number of manufacturers and Internet investors. The technology development was handled in partnership with Syntel Inc, (NASDAQ: SYNT) an e-business, applications integration, and applications outsourcing firm, which also made an additional multi-million dollar investment in TexYard.
About Internet Capital Group
Internet Capital Group (ICG) is engaged in business-to-business e-commerce through a network of partner companies. It provides operational assistance, capital support, industry expertise, and a strategic network of business relationships intended to maximise the long-term market potential of more than 70 business-to-business e-commerce companies around the globe. Internet Capital Group is based in Wayne, Pa. and has European offices in London, Munich and Paris. ICG has over a dozen partner companies across Europe, including Buying Team, CargoBiz, CreditTrade, and Printmountain.
About KarstadtQuelle New Media
KarstadtQuelle New Media is responsible for the e-business strategy of the KarstadtQuelle group. Based in Essen, the company develops the electronic sales activities of the KarstadtQuelle group. KarstadtQuelle AG will invest a total of 400m marks in its e-business segment by 2004.
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