Zilingo in $100mn investment to digitise fashion supply chain
The fashion-technology firm, Zilingo, has announced an investment of $100mn as part of the company’s drive to digitally transform the fashion supply chain.
As part of the firm's first steps to expand into the United States, it is anticipated that the investment will have significant benefits for US factories and retailers, in addition to sustainable fashion advocates everywhere.
“The fashion industry is exploitative, wasteful and, frankly, completely broken,” commented Ankiti Bose, co-founder and CEO of Zilingo. “We’re a technology company at heart, and firmly believe in the power of technology to improve business and the world. We’re bringing technology to a supply chain that hasn't changed since the industrial revolution. Zilingo levels the playing field in fashion so that businesses - no matter how big or small - can have access to a fair, transparent, affordable, fast supply chain.”
Zilingo leverages smart, technology-led solutions in order to redefine the fashion supply chain. These are:
Software: SaaS connects merchants and factories to digitise, automate and scale painlessly in order to remove unnecessary middlemen that eat into their margins.
Data Science: Artificial intelligence predicts upcoming fashion trends that are produced and on-shelf in as little as 21 days to cut overproduction and waste.
Financial Services: Unlocked credit, working capital and insurance provide fair and healthy competition in the market.
Sustainability: A global network of sustainable supply allows opportunity and transparency in sustainable retailing.
Compliance: The company provides access to internationally recognised auditing and compliance services to ensure responsible manufacturing.
Factories can compete in a global marketplace with improved line efficiency, labour management and sustainable sourcing. Zilingo enables 60,000 retailers and 6,000 factories on its platform across 17 different countries. The firm holds its headquarters in Singapore.
The investment into the US marks Zilingo’s continued drive in new markets as the company seeks to expand into Australia, Europe and the Middle East.
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