PARIS — Luxurynsight has acquired another French data analytics company Heuritech as it strives to further integrate artificial intelligence capabilities in its predictive tools for luxury, fashion and beauty brands.
Heuritech, which uses AI to help the fashion industry spot trends online and help e-retailers offer the right product on their sites, won the first Innovation Prize offered by LVMH Moët Hennessy Louis Vuitton in 2017 and now works with clients such as Nike, Prada and Decathlon.
More from WWD
“The addition of Heuritech AI-based product recognition and trend forecasting strengthens our ability to provide a comprehensive 360-degree view of market dynamics and consumer behaviors, enhancing the competitive advantage of our customers,” Jonathan Siboni, CEO and founder of Luxurynsight, said in a statement.
The company did not disclose financial details of the transaction, which marks its first major acquisition. The venture capital funds Elaia and Serena, shareholders of Heuritech, had agreed to sell their stake on the condition that they invest the shares in Luxurynsight.
Its historic shareholders include a cadre of experienced executives such as Christian Blanckaert, former director of international affairs at Hermès; Pierre Denis, former CEO of Jimmy Choo, and Stanislas de Quercize, former CEO of Cartier.
Luxurynsight uses data-driven analytics to help businesses optimize decision-making in areas such as competitive intelligence and marketing, pricing, retail and investment. She works with more than 50 clients, including LVMH, Chanel, Kering, Compagnie Financière Richemont, L’Oréal, Dior, Bulgari and Balenciaga.
The company, which employs 45 people in Paris, will join the Heuritech team made up of 25 people, including numerous doctors in AI and machine learning.
In recent years, fashion and beauty have have raised the level of their technological experienceby jumping on trends, testing new technologies and implementing new learnings. According to McKinsey, generative AI will add $150 billion to $275 billion to the fashion industry’s operating profits by 2030, with marketing being a key driver.
The best of World Day
Register for WWD Newsletter. For the latest news, follow us on Facebook, TwitterAnd Instagram.