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PlatformE nominated as a Top Information Technology Company in Portugal by BestStartup.eu

BestStartup.eu and Best Startup EU Magazine, are established as the foremost authority on European business, with the aim of promoting the best European companies, businesses, and innovations on a global scale.

Author:
Janne Souza

The nomination of PlatformE as a Top Information Technology Company in Portugal by BestStartup.eu for its innovative Information Technology and societal impact confirms the important work that we have been doing in accelerating the fashion industry digital transformation.

BestStartup.eu logo
BestStartup.eu is the foremost authority on European business.

We are in the midst of the most challenging time in the history of the fashion industry, as seen by the numerous problems that the pandemic has brought to light. Brands, retailers, governments, and consumers are now addressing the fashion industry's many ethical, social, and environmental challenges, which have been overlooked for decades. Among these, the overproduction problem is without a doubt the most serious problem that the industry has faced in the last decades with the rise of fast fashion, and it is the root of many other issues.

We are changing the fashion paradigm by establishing a technological stack that delivers a live, fully connected manufacturing system. We're speeding the adoption of 3D digital fashion (e-fashion) and on-demand production by guiding the industry into the next stage of its digital revolution. Our solution connects demand from the point of sale to manufacturing in real time, boosting the amount of full-priced products sold. In the end, brands profit from avoiding massive sampling and photoshoots, as well as eliminating dead stock.

At PlatformE we are committed to making a positive and lasting impact in the world by helping fashion brands and retailers tackle the overproduction problem. Our mission is to drastically reduce overproduction and waste in the Fashion industry.

Fashion has a fundamental problem.

The fashion industry is now operating on a buying demand projection that drive the production. While managing a very complex and endless supply chain, brands and retailers must forecast demand for the next 9 to 12 months based on inaccurate market predictions. It requires the spending of a significant amount of human, physical, and financial resources in order to manage inventory that, in the end, is sold at astonishingly low prices, improperly disposed of in nature, or even burnt - resulting in a massive harmful impact on the environment.

Textile waste and other debris disposed of in a landfill site
The fashion industry is one of the major polluting industries in the world

The management of inventory and deadstock is the number one problem in the fashion industry. The problem is not exclusevely concerned to the waste of material resources but it also concern to the industry profitability. More than 30 per cent of finished goods are never sold, and the number of goods sold through promotions and heavy discount sales can approach 75 per cent, resulting in a dramatic decrease in profit margins. To maximize profit, brands pressure suppliers for the lowest feasible cost; on the other hand, suppliers demand a large volume of purchase orders to meet cost targets.

In the current push business model, profitability for retailers and manufacturers is slim. While managing finished goods inventory is crucial for most fashion brands, yet it adds no value to the business. Inventory management is by far the most significant threat in terms of profitability, but it is still overlooked as a means to an end. Fortunatelly, the challenges revealed by the pandemic has driven a paradigm shift in the industry.

Read more: Fighting Fast Fashion with Big Data: A Chat with Gonçalo Cruz, PlatformE's Co-founder