Care of Carl, Scandinavia's leading online store for men, enters in a unique collaboration together with the AI-company Binary Brains, that will revolutionize the purchasing process in the clothing industry and create the next generation of inventory that corresponds to demand more accurately.
The new solution for how to conduct procurement was proven in a pilot project that Binary Brains and Care of Carl completed in December, which then transitioned into a long-term collaboration in January. The solution involves Binary Brains creating sales forecasts that anticipate demand for brand new garments with no previous sales history. This is done for each item down to size level, which was imperative for Care of Carl.
"Binary Brains has together with us developed an exciting solution for inventory optimization of purchases in the form of forecasts for future outcomes, as well as evaluating past seasons. A tool with the potential to strengthen our business, where we can with increased certainty offer even more "Classics of tomorrow" - that is, goods that are as relevant today as tomorrow - with reduced inventory and margin risk," says Mathias Ekström, CEO of Care of Carl.
"We are very excited about this collaboration, which both creates more sustainable purchasing processes in the clothing industry as well as paves the way for a completely new way of predicting demand - for garments and products that have no sales history. It feels good to develop our product in an interesting industry where we can actually make a difference both within the industry and its surroundings. Designing our solution with a company like Care of Carl, which is an incredibly forward-leaning company with a focus on quality in both its range and execution, has been both rewarding and fun," says Jacob Kihlbaum, CEO and founder of Binary Brains
In the long term, the collaboration also means that the companies together take a joint approach to Care of Carl's inventory, which is optimized more accurately based on future demand within each garment. Something that raises the quality in both the purchasing process and stock keeping, where the insights create an effect throughout the chain.
About Care of Carl
The company was founded in 2010 in Borås, based on the simple idea of making quality men's clothing available online. The business has grown organically since the start, with today over 100 employees and a turnover of SEK 400m. Care of Carl offers The Classics of Tomorrow – a curated selection of premium and luxury brands, as relevant today as tomorrow. Including Moncler, Brunello Cucinelli, Crockett & Jones, Drake's, Polo Ralph Lauren along with over 230 others. A significant proportion of the assortment is classified as a more formal men's dressed-up fashion, which in combination with a more contemporary part makes the brand mix unique on the European market. The company has been active in the EU since autumn 2021 with local stores in Sweden, Norway, Denmark, Finland and Germany.