PARIS – Luxurynsight has acquired fellow French data analysis firm Heuritech as it works to integrate more artificial intelligence capabilities into its predictive tools for luxury, fashion and beauty brands.
Heuritech, which uses AI to help the fashion industry detect trends online and assist e-tailers in pushing the correct product on their sites, won the inaugural Innovation Award offered by LVMH Moët Hennessy Louis Vuitton in 2017 and now works with clients including Nike, Prada and Decathlon.
“The addition of Heuritech AI-powered product recognition and trend forecasting strengthens our ability to provide a full 360-degree view of market dynamics and consumer behaviors, enhancing our clients’ competitive edge,” Jonathan Siboni, chief executive officer and founder of Luxurynsight, said in a statement.
The company did not disclose the financial details of the deal, but said venture capital funds Elaia and Serena had joined the ranks of its shareholders ahead of the acquisition.
Its historic shareholders includea cadre of experienced executives such as Christian Blanckaert, former director of international affairs at Hermès; Pierre Denis, previously CEO of Jimmy Choo; and Stanislas de Quercize, former CEO of Cartier.
Luxurynsight uses data-driven analytics to help companies optimize decision-making in fields including competitive intelligence and marketing, pricing, retail and investment. It works with more than 50 clients, among them LVMH, Chanel, Kering, Compagnie Financière Richemont, L’Oréal, Dior, Bulgari and Balenciaga.
Over the past few years, fashion and beauty have raised the level of their tech experience, jumping on trends, testing new tech and implementing new learnings. According to McKinsey, genAI will add from $150 billion to $275 billion to fashion’s operating profits by 2030, with marketing being one of the top drivers.
