PHILADELPHIA – Aug. 3, 2023 – Invent Analytics has been selected by Men’s Wearhouse and Jos. A. Bank to provide AI-driven solutions to improve their inventory optimization process for their event business. Invent Analytics is a leading provider of innovative inventory optimization solutions that provides an automated-decisions platform to help retailers optimize their inventory levels to maximize profitability. Tailored Brands is a leading omnichannel menswear and formalwear retailer with more than 1,000 stores, including Men’s Wearhouse, Jos. A. Bank, Moores, and family retailer K&G Fashion Superstore.
Tailored Brands’ decision to partner with Invent Analytics was made in response to anticipating its customers’ evolving preferences for various style, color and size choices in its tuxedo business and the need for a more advanced approach to optimize inventory planning and allocation. With Invent Analytics' AI-powered solutions, Tailored Brands achieved higher forecast accuracy and more precise inventory planning, including optimized buying at style-size level, which reduced orders and increased profitability. Further, optimized allocation increased availability at style-size level, driving significant margin (i.e., substantially reduced stockout-based substitutions) and improving overall customer satisfaction.
"Invent Analytics showed quantifiable results quickly and continues to partner with us to increase profitability using their optimization platform,” said Scott Vifquain, Chief Technology Officer for Tailored Brands. "Invent Analytics' AI-driven solutions provide us with the intelligence we need to optimize our inventory levels and reduce inventory substitutions, while ensuring that we always have the right product/size in stock to meet customer demand.”
To stay competitive in the rapidly evolving retail landscape, apparel retailers need the ability to optimize down to a style/color/size/location level and take into account attrition. “With our advanced technology, predictive and prescriptive optimization solutions, Invent Analytics allows successful retailers like Tailored Brands to operate more efficiently and effectively, while also improving product availability and maximizing profitability,” says, Prof. Gurhan Kök, Founder and CEO of Invent Analytics.
About Invent Analytics
Invent Analytics is a global retail inventory optimization solutions provider that helps leading retailers accelerate their omni-aware complexities by using profit-optimization models for demand forecasting, allocation, replenishment, returns, and markdowns, powered by AI with advanced analytics.
About Tailored Brands
Tailored Brands is a leading omnichannel specialty retailer of menswear, including suits, formalwear and a broad selection of business casual offerings, helping customers look and feel their best for their most important moments by delivering personalized products and services through their convenient network of stores and e-commerce sites. Brands include Men's Wearhouse, Jos. A. Bank, Moores and K&G Fashion Superstore.