The apparel industry has witnessed a massive collaboration recently. UK-based Coats Digital, Sri Lankan Hiradaramani Group’s Res.Q and Serai Limited by HSBC have announced a strategic collaboration to re-shape the future of the apparel industry.
The partnership will enable apparel industry an access to a gamut of inter-connected digital solutions over digital platform of Serai.
As there is an immense need of real-time data tracking and end-to-end transparency across supply chain of apparel industry, the combined digital solutions will provide the industry what it needs in today’s time.
Alongside, the solutions will also enhance efficiencies which will further lead to enormous cost savings, reduction in overall time of the entire processes as well as eliminate the need for face-to-face contact.
Commenting on the need of this collaboration, Vivek Ramachandran, CEO, Serai said that the apparel value chain has received massive dent due to COVID-19 and it requires a reset. “The industry must rebuild relationships and respond to new demand patterns that will emerge as part of the new normal,” averred Vivek.
According to him, the reset of the industry will require brands, retailers, suppliers and manufacturers to be more digitally engaged than ever, build new connections, share more information and systematically address inefficiency issues which have been a prolonged issue for the apparel industry.
Endorsing the same, Adrian Elliot, President (Apparel & Footwear), Coats, commented “This collaboration defines a journey for digitisation in a connected world to deliver true speed to market and significant cost benefits.”
The collaboration is also said to increase transparency between buyers and sellers to set a higher level of trust between them which will be one of the most critical requisites of the apparel supply chain in post-COVID era.
Samath Fernando, CEO, Res.Q and CIO, Hirdaramani Group, asserted, “The need for simplicity in the apparel industry has been accelerating now more than ever and we are seeing a demand for systems that communicate with each other to create transparency and eliminate duplication of work between brand and vendor.”