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Unique Market Index will make the Fashion Industry flourish

With a new unique Market index, actors in the fashion industry will be able to compare themselves with each other, while at the same take advantage of the experiences of their colleagues. The goal is to make both wholesalers and resellers more profitable. The Index is now released and approximately one hundred actors are already participating.

- We have had a fantastic response from both wholesalers and resellers who wants to join. We sign new businesses every day to join our “common brain”, says Gaute Green Steensrud from Bintess.

The new analytic tool for the fashion industry, called Purply Retail, has been developed by data analytic experts Bintess. The tool can be categorised as a “common brain” which all actors in the industry can benefit from. The resellers will get better tools for analysing their own business and at the same time the wholesalers get insights to how their brand is performing in the stores. But first and foremost, Purply Retail will be the first Index within the fashion industry where all players can compare themselves with the rest of the industry every week. For example in KPI:s measuring turnover per square meter, margins and sell through.

"We as dealers have a lot of common data which come to no use. The Industry Index will make it possible for us to share our common knowledge. This is done in other industries and now it is time for the fashion industry to do business in a more effective way", says Thomas Fjellström from Bintess.

The main value will be a more profitable industry. Everybody will be able to sell more, with higher margins and better sell through. All put together, it will make the industry healthier. The Industry Index will make it possible to compare yourself with best practices, act early on and thus not have to make huge price cuts and have big volumes of leftover merchandise after the season.

Purply Retail is created by Bintess in collaboration with retail veterans Lars Rabenius and Thomas Fjellström who owned Swedish retail chain Best of Brands until they sold it 2017.

"During all the years we have been resellers, we have missed a standardised way of getting hold of the numbers in the industry. We have worked with this tool for over a year feel now that it is as good as everybody needs. Currently, we can now both collaborate and compete at the same time", says Lars Rabenius.

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