Randa is upping its digital game.
The world’s largest men’s accessories firm has created Randa Digital Labs, a new division that will take the data it collects on consumer preferences and use that to quickly manufacture and test product at retail.
Heath Golden, formerly president of Randa’s neckwear and jewelry division and the one-time chief executive officer of Hampshire Group, will head the division.
“Heath’s strengths as a strategic thinker and his drive to remain on the leading edge of changes in our industry are what makes him Randa’s clear choice to lead this vital initiative,” said Judy Person, Randa’s executive vice president and group president.
Randa has collected more than two billion pieces of data on how people shop for accessories and the details they seek before making a purchase, according to Golden. Armed with that information, Randa can use one of the factories it owns around the world to quickly manufacture prototypes to meet those demands and the ship them to their retail partners to test. If successful, the product can then be added to the assortment in a larger way, he said.
“If I teach Macy’s how to sell more wallets,” Golden said, “it’s good for all of us.”
Randa Digital Labs is being viewed as a start-up, the company said, and will be located in a separate location one block away from the company’s headquarters in New York.
Although the majority of its business is wholesale, Randa also operates two small direct-to-consumer businesses, including one for its upscale Trafalgar brand. These will fall under the Randa Digital Labs umbrella, along with the company’s wholesale sales to Amazon, Jet and other online retailers.