Purply’s customer base has gone into hyper growth, meaning that the index is expanding faster and faster. Last month, several big stores within the fashion industry signed up to share data with Purply, pushing the revenue of the index above 200 million euros.
It has been a month of success for Purply’s Retail index. Several new well-known stores have signed up, and the index now covers all the Nordic countries. The latest big name is the Danish company Kaufmann, which has joined with all their concepts.
- Obviously, it feels great that the market understands and likes what we are doing. We already cover about 10 percent of the premium fashion market in the Nordics, and that figure is growing rapidly every week, says Gaute Green-Stensrud, CRO at Purply.
New signees provide higher value for all
Purply started its business in Sweden and the index has spread rapidly from there. The latest ones to sign are Amazing Seven, Hanzens, Sandströms, and Debut among others. In Finland, some of our new customers include classic fashion retailers Kekälä and Aukia.
- The index is getting bigger and that means that the value for the stores, suppliers, and brands is increasing. I think everyone understands that data sharing is one of the key factors for future success, says Gaute Green-Stensrud.
Focus on brands
Purply is now ramping up their business and the next step is to focus on suppliers and brands. With more of them integrated, the ecosystem will be even better and will benefit both stores and suppliers. The Purply index has grown to over 200 million euros and represents sales from most brands in the premium fashion industry in the Nordics, which means that it is time for the suppliers to join.
- Yes of course. The Purply index is a great tool for suppliers and brands. They can use it to become better partners for the stores and increase profit, short and long term. They need the Purply index to get information from both their own business and from the market as a whole, says Gaute Green-Stensrud. We often talk about “Present wisdom” as opposed to hindsight, which was the old way of making decisions.
The success of Purply has not gone unnoticed by those outside of the fashion world either. Research company Gartner has identified Purply as “an innovative, high-growth potential tech provider to track in 2023 ”. Meanwhile, Purply has become a global partner to IADS, an international organization for department stores such as Il corte Ingles in Spain, Galleri Lafayette in France, and Magasin du Nord in Denmark.
- It is a great testament to the work we do and the product we have, and of course a huge compliment, for us to have IADS as a partner. We are on the move, and we are not slowing down, concludes Gaute Green-Stensrud.
Team Purply Retail