Coats Digital, Res.Q and Serai unveil strategic collaboration to digitise apparel industry
- 20 May 2020
21 May 2020: Coats Digital, Res.Q and Serai Limited by HSBC announce a strategic collaboration that will help re-shape the future of the apparel industry.
Combining its unique strengths, the partnership will provide the apparel industry with access to a range of inter-connected digital solutions over Serai’s digital platform. These solutions will not only provide real-time data and end-to-end transparency across the apparel supply chain, but also boost efficiencies leading to cost savings, as well as reducing the need for face-to-face contact.
The timing could not be better. Vivek Ramachandran, CEO, Serai, said: ‘The apparel industry has been devastated by knock-on effects of COVID-19 and requires a reset. The industry must rebuild relationships and respond to new demand patterns that will emerge as part of the new normal. This will require retailers, brands, manufacturers and suppliers to increase their digital engagement, make new connections, share more information, and systematically address pockets of inefficiency across the supply chain.’
The collaboration between Coats Digital, Res.Q and Serai aims to strengthen relationships between buyers and sellers in the apparel industry. It also strives to reduce inefficiencies by connecting the multiple standalone systems that companies currently use to manage their processes. The increased transparency will translate into higher levels of trust between buyers and sellers and improved efficiency, reducing operating costs for participating companies.
Adrian Elliott, President, Apparel and Footwear, Coats, said: ‘The industry now has to rethink its practices and invest in technology to survive in the new normal. This collaboration defines a journey for digitisation in a connected world to deliver true speed to market and significant cost benefits.’
Serai provides a neutral platform open to all industry participants to connect and access the full range of solutions offered by Coats Digital and Res.Q. The partnership is also exploring risk-mitigation and financing propositions that capitalise on the data that emerges from these digital solutions.
By working together Coats Digital, Res.Q, and Serai will help the apparel industry emerge stronger from the current crisis.
Samath Fernando, CEO, Res.Q, said: ‘What has accelerated is the need for simplicity in the Apparel Industry: now, more than ever, we are seeing a demand for systems that speak to each other to create transparency and eliminate duplication of work between Brand and Vendor.’
ENDS
For more information contact:
Kristina Blissett, Head of Group Communications, Coats
kristina.blissett@coats.com
T +44 (0)208 210 5084, M +44 (0)7714 539887
Dora Cheok, Serai
dora.cheok@hsbc.com.hk
T +852 6792 8198
Roshie Kahandawela, Res.Q
roshie.kahandawela@hirdaramani.com
T +94 0772 4070 97
Notes to Editors
About Coats
Coats is the world’s leading industrial thread company. At home in some 50 countries, Coats has a workforce of 17,000 people across six continents. Revenues in 2019 were US$1.4bn.
Coats’ pioneering history and innovative culture ensure the company leads the way around the world. It provides complementary and value added products, services and software solutions to the apparel and footwear industries. It applies innovative techniques to develop high technology Performance Materials threads, yarns and fabrics in areas such as Transportation, Telecommunications and Energy, and Personal Protection.
Headquartered in the UK, Coats is a FTSE 250 company, a constituent of the FTSE4Good Index Series and a participant in the UN Global Compact. It is also the Official Thread Supplier to the Royal Shakespeare Company.
- Each year Coats makes enough thread to go into 8 billion pairs of jeans – that is one for every person on the planet
- Every month Coats produces enough thread to stretch all the way to the sun
- More than 450 million pairs of shoes are made every year using Coats’ thread
- More than 100 million car airbags are made using Coats’ Performance Materials thread every year
- In 1879 Thomas Edison used Coats’ thread in his experiments to invent the light bulb
- Coats’ flame retardant Performance Materials threads can withstand temperatures as high as 1,000 degrees Celsius
- Coats Epic Ecoverde is the world’s first 100% recycled premium sewing thread
To find out more about Coats visit: www.coats.com
To find out more about Coats Digital visit: www.coatsdigital.com
To subscribe to news releases as they are added to the website go to www.coats.com/email-signup
About Res.Q
Res.Q is a fast-growing suite of solutions focused on digitising the Shop Floor to address specific pain points not catered to by traditional ERPs. Seeded by Hirdaramani Investments, Res.Q’s premise is to provide actionable insights to CxOs and Front Line associates into order to ensure data-driven decision making.
About Serai
Serai is a new technology subsidiary of HSBC, the world’s leading trade bank. It is a platform that brings together buyers and suppliers to build trusted relationships, with an initial focus on the garment and apparel industry. The platform allows industry participants to share relevant data in a highly secure manner with their partners and access a range of digitals solutions.