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Nominated for OUT OF THE BOX.NRW
retraced
Düsseldorf
Nominated by:
Nadine Thees
Internet address:
Your business model in three sentences
With its network, retraced brings brands & suppliers closer together to efficiently exchange data along fashion supply chains. This results in more transparency & a better data foundation to make the right decisions towards more sustainability.
What problem do you solve?
Fashion and textile supply chains are extremely complex as many companies have to globally operate together in order to manufacture a fashion item and all its different components. As the different partnerships between the companies continuously change, so far little investments have been made to digitally connect the companies with each other. As a result, the data exchange and communication between each other are extremely manual. This means that companies need to invest a lot of manual effort and resources to find out where their products are coming from and how the production standards along their supply chains look like.
What's your digital solution?
In order to overcome the lack of transparency in fashion supply chains, retraced has built a digital network that connects all parties along fashion supply chains. Via this network, fashion brands and suppliers can efficiently exchange data and communicate on eye-level. Every company in the network has an own profile and by connecting to another profile the data exchange is enabled. As several brands and suppliers can be connected to the same profile, a data upload in a profile can increase transparency for several companies at the same time. This network effect means that the more companies join the network, the more value it creates for every individual platform participant. Already today, more than 10.000 fashion brands and suppliers operate on the retraced platform and benefit from more supply chain transparency to continuously improve their sustainability.
Why should we award you for your digital business model?
The fashion industry is one of the biggest and most polluting industries, as fashion companies do not know their impact and how to improve it. By digitally connecting all companies, they have more transparency of their impact and can directly communicate their improvement strategies. Simultaneously, retraced builds a strong business model. As the pressure from consumers and regulations continuously grows, forcing them to invest into solutions that help them with increasing their sustainability.