CIMdata PLM Industry Summary Online Archive
7 April 2011
Financial News
Centric Software Reviews Record Year for Market, Customer Expansion
Centric Software, Inc., recently closed out its fiscal year with record sales, significant growth and positive performance across operations.
Centric followed 2009, in which the global economic crisis severely affected the apparel and fast-moving consumer goods markets, with a year of significant growth and success.
“Our efforts in becoming stronger, smarter and more focused than ever are paying off,” says Chris Groves, president and CEO. “Successes in the luxury industry, major customer wins and expansion into mobile PLM markets fueled record growth in important sectors, and set the stage for key Series C financing.”
Among the company’s highlights:
Revenue growth: For its fiscal year closing Jan. 31, Centric experienced 200 percent revenue growth in Europe over the prior year, and 100 percent growth worldwide in the fast-moving consumer goods market over the prior year.
Customer wins: Major customer wins included Balenciaga; Longchamp; Christine Laure; Western Glove Works/Silver Jeans Co.; Fox Head, Inc.; and Bravo Sports Corporation. The concentration of customers in France – with the new companies joining Groupe Overall (Dellalui, El Internationale), INTERSPORT France, and Le Coq Sportif – solidifies Centric’s position as the PLM leader in the French fashion industry.
Record implementations: Centric continues to prove that companies can generate returns on their PLM investment in the short-term – specifically, within three to four months, or sooner. Bass Pro Shops Group was able to start using the Centric 8 PLM suite just one week into implementation, and Western Glove Works/Silver Jeans Co. set a record for a 12-week implementation.
Expansion in luxury sector: With customers such as Longchamp and Balenciaga coming on board, Centric continues to anchor its position in the luxury sector. According to Groves, customers in the luxury goods industry value Centric’s "rich functionality," ease of use, ability to handle multiple category products, and understanding that material choices and quality excellence drive product development and brand standards.
Expansion into mobile PLM products: Centric introduced patent-pending mobile applications that connect customers' products and the consumer more closely than ever. The Centric 8 Collection Book for Fashion iPad App links data from the Centric 8 PLM system to customers through an interactive mobile device, allowing fashion houses and designers to present their collections to buyers for ordering significantly sooner and more accurately.
Customer leadership: Representatives from the apparel, sporting goods and recreation, consumer electronics, home products, office products and outdoor products industries conferred on topical issues – ranging from compliance management and mobile applications to the development of Chinese suppliers – as part of Centric’s Consumer Advisory Board.
“The year has demonstrated that Centric provides the value and results companies need to improve their competitive positions,” says Groves. The results set the stage for increased investor commitment to the company, which culminated in the late-February close on $7.5 million in Series C venture capital financing. “This investment provides the impetus for Centric to build on our growth and product leadership,” adds Groves.
Become a member of the CIMdata PLM Community to receive your daily PLM news and much more.
Tell us what you think of the CIMdata Newsletter. Send your feedback.
CIMdata is committed to your privacy. Your personal information will never be sold or shared outside of CIMdata without your express permission.