TexYard sets up b2b fashion trading site
A new online trading exchange for the European fashion and textile industry will include auctions when it launches fully at the end of this month.
A new online trading exchange for the European fashion and textile industry will include auctions when it launches fully at the end of this month.
TexYard (www.texyard.com) will incorporate both forward and reverse auctions, with particular emphasis on its reverse auction facility, where suppliers can bid to offer goods in a competitive environment.
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The site is already talking to major UK retailers and brand manufacturers, and has secured a deal with German retail giant KarstadtQuelle.
It hopes to bring buyers and sellers together by creating a simple mechanism for making purchases online. It also aims to help buyers find new suppliers, and to source, negotiate and track orders through the site.
The company plans to address the entire production chain, including not only retailers and wholesalers, but also garment, fabric and yarn manufacturers.
TexYard already has 250 suppliers registered, with KarstadtQuelle introducing 400 of its suppliers when its operations go live in around four weeks' time.
The company has made the choice to base itself in London, as the UK is the largest buyer of textiles in Europe, with an annual turnover of around pounds 20bn.
Its multiple revenue streams include a percentage from transactions, plus revenue from value-added services such as support with product sampling, financial services and logistics
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