Sweden, February 10, 2020. Material Exchange Ventures AB, a Stockholm based startup and provider of the Material Exchange – a SaaS-based digital platform that enables footwear and apparel brands to digitize their material supply chains, concluded the 2019 calendar year as its most successful year yet and began 2020 with a brand new product!
Material Exchange experienced record growth in bookings, added new customers, enhanced its software offer, secured $2 Million of additional investment, opened a new sales operation in China, substantially grew supplier sign-ups by onboarding new suppliers into the platform and released their new Digital Profile to the industry.
“When we embarked on this journey, we didn’t set out to be just another software company in the retail, footwear and apparel space. Instead, from day one, we committed ourselves to truly transforming the material supply chain for brands and retailers,” said Darren Glenister, CEO; Material Exchange. “2019 was a remarkable year for Material Exchange, as we further proved that our vision, technology platform and strategy resonate with retailers, brands, manufacturers and suppliers around the world. As we enter 2020, many of the world’s largest, most successful companies are eager to work with us to digitize their supply chain.”
The Material Exchange platform grew significantly in calendar year 2019, through the addition of 109 new brands, including prestigious names such as Wolverine Worldwide, Camuto, Polo Ralph Lauren, Rebecca Minkoff, Tory Burch, Jack Jones, Champion and Dr Scholls. Over 110 material suppliers also joined the platform giving them the ability to instantly share materials with international brands.
‘Open Book’ Events
In 2019, Material Exchange created a series of interactive and educational seminars called ‘Open Book’. The seminars enable brands to invite their suppliers for a focused exchange of strategies, tactics and best practices and to see how the platform can benefit both parties and further strengthen working relationships. Material Exchange recently held an Open Book seminar in China to coincide with the opening of their brand-new sales hub located in Dongguan, China. In 2020, Material Exchange plan to build on the success of the events, with two already planned in India during March and April, with a collection events throughout the year planned in China.
To expand the robust functionality and incredible user experience of its platform, Material Exchange announced several solution enhancements including the availability of a brand-new capability called the ‘Digital Profile’. This initiative enables brands to view material suppliers in a more transparent and standardized way. The Digital Profile is fully integrated into the current Material Exchange platform and will give brands the ability to connect with the right suppliers by enabling them to view production capabilities, accreditations, and sustainability practices before working with them for the product creation and development stage.
Material Exchange was recently selected as a finalist out of a total of 2000+ applicants, in one of China’s leading competitions for the fashion and textile industry; The Innovation & Entrepreneurship Competition for Overseas Talents 2019, held in Hangzhou. The competition focused on market, innovation, growth, founder’s characteristics and industrialisation prospects.
Outlook for 2020
“2020 is looking to be another great year for Material Exchange. By bringing more brands and suppliers on board, people are really starting to acknowledge the importance of both digitalisation and Material Exchange. We will be working with and partnering with key organisations including the USFIA to deliver sustainability to footwear and apparel brands and their supply chains,” said Darren. Further to the open Book events Material Exchange will be actively involved in industry organized events to further educate the industry on how they can become more sustainable.
About Material Exchange
Material Exchange (ME) was founded in Stockholm, Sweden, in August 2016. The company is the brainchild of Darren Glenister, a digital transformation expert and pioneer in digitalization and supply chain innovation. Material Exchange has a global network of operations including Europe, USA and China. Material Exchange is the key to the digital development evolution of footwear and apparel brands. Built hand-in-hand with the world’s leading brands and suppliers, and backed by the FDRA and USFIA, the ME transforms an antiquated material selection process to decrease costs, decrease environmental impact whilst increasing speed and innovation.