Joor, a digital business-to-business wholesale marketplace, has expanded its portfolio of clients by signing Al Tayer Insignia onto its platform.
Al Tayer becomes the 28th retail company on the Joor Pro system, which also has 8,600 brands on it. Neiman Marcus, Bergdorf Goodman and Holt Renfrew are all on the system and Itochu in Japan is expected to sign on. In February, Joor closed on $16 million in Series C funding led by Itochu, a Japanese manufacturing, technology and retail conglomerate.
Joor is intent on automating the wholesale buying process and transforming how retail buyers work. In 2017, Joor, with the Neiman Marcus Group as the development partner, created the “Joor Retailer Platform” for wholesale buying and assortment planning. The software is designed to make the job of a buyer less laborious, more efficient, accurate and collaborative. It eliminates the need for Excel, a calculator, paper line sheets and carbon copy paper and gives a view of what’s being bought by buyers and provides a running tab on open-to-buys. An apparel buyer can see what the footwear buyer is buying, resulting in a coordinated approach to assortment building and merchandising selling floors.
“We are not replacing buyers. We are giving them the tools and data they need to make smarter decisions and to be more efficient,” said Kristin Savilia, chief executive officer of Joor. The company has 130 employees including 86 in New York. Others in sales and customer support roles are in Paris, Madrid, London, Milan, Melbourne, Philadelphia and Los Angeles.
Al Tayer, based in Dubai, is a conglomerate distributing luxury products and operating more than 200 stores in the Mideast, including Harvey Nichols in the UAE and Bloomingdale’s in the UAE and Kuwait. It also has joint ventures with Bottega Veneta, Bulgari, Gucci, Prada, Saint Laurent, Ermenegildo Zegna, Jimmy Choo and Loro Piana.
“Since a majority of our luxury brand partners are already on Joor, our decision was easily made,” said Eda Kuloglu, chief merchandising officer of Al Tayer Insignia. “Connecting with them through a marketplace platform makes faster buys and supports the back-end process of the supply chain. Through Joor, our buying process has been digitalized.” Buyers for Harvey Nichols Dubai and Bloomingdale’s Dubai and Kuwait, along with Al Tayer Insignia’s own retail brands, Ounass and Nisnass, have begun using the platform for the spring 2020 market.
“As we continue to expand into new geographies, and partner with the world’s best brands and retailers, we are furthering our mission of creating a global ecosystem for wholesale buying,” Savilia said.
Separately, Joor has launched “Snapshot,” a tool that gives brands a live view of how their wholesale businesses are trending. Brands can access such information as best-selling styles, their top-volume retailers and wholesale volumes. Additional functions will be added.
“This type of data visualization hasn’t been readily available to brands so they can understand key metrics around their wholesale business,” Savilia said. “Everyone theoretically understands the importance of having data. Yet no one is addressing how difficult it is to manage, let alone utilize in day-to-day business.”