New research shows speed and agility are top priorities for every retailer competing in fast fashion

New research shows speed and agility are top priorities for every retailer competing in fast fashion

 

Retailers need to get in shape to meet consumer demand for a fast fashion fix

WORLD RETAIL CONGRESS, DUBAI, 2017-Apr-06 — /EPR Retail News/ — With one in eight younger consumers (18 to 24 year olds) shopping every week and buying a fashion item at least once a fortnight, retailers are gearing themselves up to meet growing demand for fast, on-trend, fashion-led styles, according to new research from Kurt Salmon, part of Accenture Strategy. Speed and agility are the top priorities for every retailer competing in fast fashion.

“Young consumers have a ‘see now, buy now, wear now’ mentality when it comes to fashion, which has been driven by big fashion houses making the latest designs and styles available to buy straight from the catwalk. This is challenging retailers to improve their operational agility to meet rising demand for current trends,” said Dan Murphy, managing director, Kurt Salmon, part of Accenture Strategy. “This insatiable appetite for fast fashion will inevitably continue as these shoppers age. There is no reason to believe that younger consumers, who have grown up wedded to devices and social media, will expect anything less than instant gratification in years to come, and continue to possess the same sense of style and image.”

‘See now’
With many younger consumers constantly searching for style inspiration on everything from social media to the high street, retailers are under increasing pressure to turn around new lines in record time. Many have been working hard to reduce their lead times to meet this growing demand for fast fashion. One leading fashion retailer is now delivering new lines in two to three weeks; yet speed is only part of the success equation.“Retailers need to accurately analyze what is selling in real-time and be in a position where they can react quickly,” explained Murphy. “According to one major fashion retailer, there is now only a 24 to 36-hour window from browsing to buying. Retailers that actively engage with their customers, analyze shopping and social media habits, and pre-empt future trends, will be the winners in the fast fashion market.”

‘Buy now’
Speed of delivery of online orders is also highly important to consumers. Accenture research highlights that one in five of 18 to 20 year olds want same day delivery, and a further 13 percent want delivery in less than half a day. Twenty-one to 37 year olds are slightly more relaxed with almost a third happy for their orders to arrive the next day.

‘Wear now’
The study found that shoppers buy for the present, with 53 percent of all consumers surveyed wearing items within a week of purchase, and 15 percent wearing items the very same day. For younger consumers (18 to 24 year olds), the numbers increase; 60 percent wear items within a week of purchase, and one in five wear items on the same day of purchase.

While the majority of younger shoppers claim that ethical sustainability is a key factor informing their purchasing decisions, their behaviour suggests otherwise; less than half (48 percent) of 18 to 24 year olds recycle their clothes. Additionally, half (50 percent) of retailers surveyed say they are actively exploring new ways to extend the product lifecycle, using recycled materials, or facilitating clothes swapping and sharing.

Please find further information about the report here. Join the conversation at @AccentureStrat.

About the research
Kurt Salmon, part of Accenture Strategy, conducted interviews with 23 Chief Executive Officers (CEOs) and senior executives at leading global fashion retailers to explore the ‘see now, buy now, wear now’ trend and the readiness of retailers to deliver. A survey of 2,000 UK consumers aged between 18 to 55+ was also conducted to understand current appetite for fast fashion.

About Accenture
Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions – underpinned by the world’s largest delivery network – Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With approximately 401,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com.

Accenture Strategy operates at the intersection of business and technology. We bring together our capabilities in business, technology, operations and function strategy to help our clients envision and execute industry-specific strategies that support enterprise wide transformation. Our focus on issues related to digital disruption, competitiveness, global operating models, talent and leadership help drive both efficiencies and growth. For more information, follow @AccentureStrat or visit www.accenture.com/strategy.

Contacts:

Lucy Davies
Accenture
+ 44 777 3044 808
lucy.d.davies@accenture.com

Source: Accenture

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Kurt Salmon, part of Accenture Strategy, and NRF launch 2017 Store Tours app showcasing some of the most innovative retail stores in New York

NRF 2017 Store Tours app provides NRF Retail’s BIG Show attendees with unique look at New York retail stores

NEW YORK, 2017-Jan-17 — /EPR Retail News/ — Kurt Salmon, part of Accenture Strategy, and the National Retail Federation (NRF) today (JANUARY 15, 2017) launched a new app that showcases some of the most innovative retail stores in New York. The NRF 2017 Store Tours app highlights the locations of stores, including the NBA Store, Bloomingdale’s 59th Street, Uniqlo and Zara, and provides NRF Retail’s BIG Show attendees with a guided tour of each one.

“As an organization dedicated to delivering next-generation customer experiences, we are thrilled to support NRF – the largest retail advocacy organization – in designing an exciting experience for its attendees,” said Eric Shea, managing director, Kurt Salmon, part of Accenture Strategy. “NRF Retail’s BIG Show brings together some of the world’s top retail industry executives, and we look forward to providing them with a unique look at innovative stores in New York via the app.”

Heading to #NRF17? Download the NRF 2017 Store Tours app brought to you by @KSRetail, part of @AccentureStrat

The mobile app provides industry professionals attending NRF Retail’s BIG Show with the opportunity to go on guided tours of a selection of innovative retail stores around New York. Each tour is built around the themes of ‘omnichannel’, ‘fashion and luxury’, and ‘food’, and will feature up to twenty retailers in each category.

“New York is the shopping capital of the world and we wanted to make it as easy as possible for NRF Retail’s BIG Show attendees to see some of the most sophisticated stores the city has to offer,” said Susan Newman, Senior Vice President of Conferences and Marketing, NRF. “We thank Kurt Salmon, part of Accenture Strategy, for its retail and technical prowess in developing this app, and can’t wait for our attendees to try it out next week.”

Users can download the NRF 2017 Store Tours free app by visiting the Apple app store, Google Play, or the Microsoft app store. To learn more about the app, please visit: https://nrf2017.kurtsalmondigital.com

About Accenture
Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions – underpinned by the world’s largest delivery network – Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With approximately 394,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com.

Accenture Strategy operates at the intersection of business and technology. We bring together our capabilities in business, technology, operations and function strategy to help our clients envision and execute industry-specific strategies that support enterprise wide transformation. Our focus on issues related to digital disruption, competitiveness, global operating models, talent and leadership help drive both efficiencies and growth. For more information, follow @AccentureStrat or visit www.accenture.com/strategy.

Contacts:
Lucy Davies
Accenture
+ 44 777 3044 808
lucy.d.davies@accenture.com

Source: Accenture

Accenture to acquire leading global strategy consulting firm focused on the retail industry, Kurt Salmon

NEW YORK, 2016-Sep-23 — /EPR Retail News/ — Accenture (NYSE: ACN) has entered into an agreement to acquire Kurt Salmon, a leading global strategy consulting firm focused on the retail industry and a subsidiary of Management Consulting Group. The acquisition will expand Accenture Strategy’s capabilities in delivering end-to-end strategy consulting services to top retailers and private equity firms in a world disrupted by digital.

Completion is subject to regulatory approvals, approval of the transaction by Management Consulting Group’s shareholders and other customary closing conditions.

Founded in 1935, Kurt Salmon has more than 260 employees serving clients across the world, and offices in the U.S., Germany, UK, Japan and China. The company is known for operational strategy consulting, including logistics and supply chain, merchandising and product development, corporate strategy and due diligence, and omni-channel retail strategy.

“With digital disruption forcing retailers to rethink their entire business and operating models, we expect continued strong demand for strategy consulting services in this industry,” said Mark Knickrehm, chief executive officer, Accenture Strategy. “This acquisition will enhance our ability to deliver the industry-specific strategies that our clients are increasingly seeking, in order to drive competitiveness and operational excellence at the intersection of business and technology.”

Chris Donnelly, retail industry lead, Accenture Strategy, said, “In an environment dominated by rapidly rising customer expectations, industry convergence and low barriers to entry, our retail clients are looking for end-to-end strategy solutions to navigate this disruption. Through this acquisition, we will be able to offer our clients a powerful combination of services to help shape the transformation of the retail sector.”

Following completion of the acquisition, Kurt Salmon’s employees are expected to join the Accenture Strategy retail industry practice.

“Our retail clients are increasingly looking for agile and pragmatic solutions from industry experts that enable their transformation journey and help them gain competitive advantage,” said Brooks Kitchel, CEO of Kurt Salmon. “Joining Accenture Strategy will enable us to bring new value to our clients in a collaborative, global and client-centric environment that aligns with our company culture and mission.”

About Accenture
Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions – underpinned by the world’s largest delivery network – Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With more than 375,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com.

Accenture Strategy operates at the intersection of business and technology. We bring together our capabilities in business, technology, operations and function strategy to help our clients envision and execute industry-specific strategies that support enterprise wide transformation. Our focus on issues related to digital disruption, competitiveness, global operating models, talent and leadership help drive both efficiencies and growth. For more information, follow @AccentureStrat or visit www.accenture.com/strategy.

About Kurt Salmon
Kurt Salmon is a global management consulting firm dedicated to building the market leaders of tomorrow. More than just partnering with our clients, we ally with them, integrating ourselves seamlessly into their organizations in order to develop innovative, customized solutions for their 21st-century business issues.

Succeeding in today’s increasingly complex, consumer-driven environment is an enormous challenge. But companies need to look beyond today; they need to position themselves for continued success in the even more uncertain future. That’s where Kurt Salmon comes in.

We call it delivering “success for what’s next.” The results are transformative.

www.kurtsalmon.com

Forward-Looking Statements
Except for the historical information and discussions contained herein, statements in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “positioned,” “outlook” and similar expressions are used to identify these forward-looking statements. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied. These include, without limitation, risks that: Accenture, Kurt Salmon and Management Consulting Group will not be able to close the transaction in the time period anticipated, or at all, which is dependent on the parties’ ability to satisfy certain closing conditions; the transaction might not achieve the anticipated benefits for Accenture; Accenture’s results of operations could be adversely affected by volatile, negative or uncertain economic conditions and the effects of these conditions on the company’s clients’ businesses and levels of business activity; Accenture’s business depends on generating and maintaining ongoing, profitable client demand for the company’s services and solutions, and a significant reduction in such demand could materially affect the company’s results of operations; if Accenture is unable to keep its supply of skills and resources in balance with client demand around the world and attract and retain professionals with strong leadership skills, the company’s business, the utilization rate of the company’s professionals and the company’s results of operations may be materially adversely affected; 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as a result of Accenture’s geographically diverse operations and its growth strategy to continue geographic expansion, the company is more susceptible to certain risks; adverse changes to Accenture’s relationships with key alliance partners or in the business of its key alliance partners could adversely affect the company’s results of operations; Accenture’s services or solutions could infringe upon the intellectual property rights of others or the company might lose its ability to utilize the intellectual property of others; if Accenture is unable to protect its intellectual property rights from unauthorized use or infringement by third parties, its business could be adversely affected; Accenture’s ability to attract and retain business and employees may depend on its reputation in the marketplace; if Accenture is unable to manage the organizational challenges associated with its size, the company might be unable to achieve its business objectives; any changes to the estimates and assumptions that Accenture makes in connection with the preparation of its consolidated financial statements could adversely affect its financial results; many of Accenture’s contracts include payments that link some of its fees to the attainment of performance or business targets and/or require the company to meet specific service levels, which could increase the variability of the company’s revenues and impact its margins; if Accenture is unable to collect its receivables or unbilled services, the company’s results of operations, financial condition and cash flows could be adversely affected; Accenture’s results of operations and share price could be adversely affected if it is unable to maintain effective internal controls; Accenture may be subject to criticism and negative publicity related to its incorporation in Ireland; as well as the risks, uncertainties and other factors discussed under the “Risk Factors” heading in Accenture plc’s most recent annual report on Form 10-K and other documents filed with or furnished to the Securities and Exchange Commission. Statements in this news release speak only as of the date they were made, and Accenture undertakes no duty to update any forward-looking statements made in this news release or to conform such statements to actual results or changes in Accenture’s expectations.

Contacts:

Justyna Gnyp
Accenture
+ 44 750 012 4567
justyna.gnyp@accenture.com

Anthony Hatter
Accenture
+ 44 7810 756 138
anthony.hatter@accenture.com

Source: Accenture