PHILADELPHIA – Aug. 2, 2023 – invent.ai has been selected by Men’s Wearhouse and Jos. A. Bank to provide AI-driven solutions to improve its inventory optimization process for its event rental business. Invent.ai is a leading provider of innovative inventory optimization solutions that provides an automated decisions platform that helps retailers optimize their inventory levels to increase revenue and margins. Tailored Brands is a leading omnichannel menswear and formalwear retailer with over 1,000 stores, including The Men’s Wearhouse, Jos. A. Bank, Moores and family retailer K&G Fashion Superstore.
Tailored Brands’ decision to partner with invent.ai was made in response to anticipating their customers’ evolving preferences for various styles, colors and size choices in their tuxedo business and the need for a more advanced approach to optimize inventory planning and allocation. With invent.ai's AI-powered solutions, Tailored Brands achieved higher forecast accuracy and more precise inventory planning, including optimized buying at style-size level, which reduced orders and increased revenue and margins. Further, optimized allocation increased availability at the style-size level, driving significant margin (i.e., substantially reduced stockout-based substitutions) and improving overall customer satisfaction.
"Invent.ai showed quantifiable results quickly and continues to partner with us to increase profitability using their optimization platform,” said Scott Vifquain, Chief Technology Officer for Tailored Brands. "Invent.ai's AI-driven solutions provide us with the intelligence we need to optimize our inventory levels and reduce inventory substitutions while ensuring that we always have the right product/size in stock to meet customer demand.”
To stay competitive in the rapidly evolving retail landscape, apparel retailers need the ability to optimize down to a style/color/size/location level and take into account attrition. “With our advanced technology, predictive and prescriptive optimization solutions, invent.ai allows successful retailers like Tailored Brands to operate more efficiently and effectively while also improving product availability and maximizing profitability,” says Prof. Gurhan Kok, Founder and CEO of invent.ai.
About invent.ai
Invent.ai is a pioneering AI-decisioning platform that gives retailers superpowers to make the best planning and operational decisions to grow sales, revenue and margin dollars. Delivering fast, measurable value through its technology solutions, invent.ai brings together retail planning data, predicts outcomes and optimizes inventory, pricing and merchandising.
Recognized as a Representative Vendor in 2024 Gartner® Market Guide for Retail Forecasting, Allocation and Replenishment Solutions and for Retail Unified Price, Promotion and Markdown Optimization Applications - Short Life Cycle, awarded the 2024 RetailTech Breakthrough Awards’ Customer Experience Award, SupplyChainBrain’s 2024 Great Supply Chain Partner and Supply & Demand Chain Executive’s 2024 Top Supply Chain Projects award.
About Tailored Brands
Tailored Brands is a leading omni-channel specialty retailer of menswear, including suits, formalwear and a broad selection of business casual offerings, helping customers look and feel their best for their most important moments by delivering personalized products and services through their convenient network of stores and e-commerce sites. Brands include Men's Wearhouse, Jos. A. Bank, Moores and K&G Fashion Superstore.