Nogin’s Enterprise-Class Ecommerce Technology Drives Exceptional Holiday Sales Performance for Fashion Retailer Kenneth Cole

Rhea-AI Summary

Nogin (NASDAQ: NOGN) announced a successful partnership with Kenneth Cole, exceeding Cyber Week sales forecasts by 82% during the 2022 holiday season. Key metrics include a 29% conversion rate increase and a 27% growth in gross merchandise value year-over-year. Notable sales performance was achieved with Black Friday sales surpassing 102% of goals and Cyber Monday exceeding 117%. Nogin's intelligent ecommerce solutions aided Kenneth Cole in optimizing promotional strategies, enhancing customer engagement, and improving profitability amidst a challenging market, setting the stage for a strong 2023.

Positive

• 29% increase in conversion rate year-over-year.
• 27% growth in gross merchandise value year-over-year.
• 102% increase in Black Friday sales compared to goals.
• 117% increase in Cyber Monday sales compared to goals.
• Implemented successful discount methodologies and personalized strategies.

Negative

• None.

Leveraging Nogin’s intelligent ecommerce technology, planning, merchandising, paid advertising and promotional solutions, Kenneth Cole outperformed its Cyber Week forecast by 82%

TUSTIN, Calif., March 02, 2023 (GLOBE NEWSWIRE) -- Nogin (NASDAQ: NOGN), a leading provider of innovative Commerce-as-a-Service (“CaaS”) technology, today announced that Kenneth Cole, a leading American fashion house, is working with Nogin to drive higher sales and boost margins. During the 2022 holiday season, Nogin and Kenneth Cole’s partnership led to particularly exceptional sales performance, with the fashion retailer exceeding its forecasts on each day of Cyber Week, achieving as much as 102% and 117% overperformance on Black Friday and Cyber Monday, respectively.

Nogin’s full-stack ecommerce solution delivers market-leading ecommerce technology without the cost, complexity, time and risk of moving to a legacy enterprise platform. For brands using the Shopify Plus platform, Nogin’s technology embraces and extends Shopify’s existing promotional capabilities and insightful reporting metrics. Since partnering with Nogin in late 2021, Kenneth Cole has used Nogin’s planning, merchandising and promotional tools and strategies to enhance its sales growth and improve profits.

Specifically, Nogin developed and executed a discount methodology built on a smart cadence, offering category-specific sales during seasonally relevant times, sitewide sales during holidays, and the largest sales of the year during Black Friday and Cyber Week. Also, Nogin helped the company put out consistent communications to keep customers engaged and connected to the brand and executed a paid media strategy to acquire customers in Q2 and Q3 leading up to the holiday season.

In addition, amidst an uncertain market environment and as many companies shifted to prioritizing their gross margins, Nogin’s technology helped optimize conversion rates and maximize profits for Kenneth Cole. Nogin delivered a custom personalization strategy across the Kenneth Cole website, targeting different consumer segments, such as first-time and repeat buyers, with the correct offers and discounts to drive sales. Also, Nogin’s unified merchandising and returns capabilities helped drive time and cost efficiencies to further boost margins.

In all, while leveraging the power of intelligent, enterprise-class ecommerce technology backed by Nogin’s team of ecommerce experts, Kenneth Cole reduced its P&L risk and significantly scaled its online business. Through its partnership with Nogin, Kenneth Cole achieved notable milestones, including:

• 29% conversion rate (CVR) increase and 27% gross merchandise value (GMV) increase year-over-year due to Nogin’s technology and management of Kenneth Cole’s performance and retention marketing
• Up to 172% CVR increase for high traffic pages due to AI automated merchandising rules
• 52% CVR increase on product pages due to customer personalization, including displaying products specifically available in the user’s size
• Product add-ons increased units per transaction by 1 and had a 4.3% CVR
• Exceptional Cyber Week performance, beating forecasts by 82%, with a nearly 29% CVR improvement.
• Outperformed Black Friday goals by over 102% and Cyber Monday goals by over 117%

“We are thrilled with the success we’ve seen while using Nogin’s commerce platform, particularly throughout our Cyber Week sales this year,” said Jed Berger, President of Kenneth Cole Productions. “With Nogin, we significantly outpaced our holiday direct-to-consumer sales goals, ending the year on a high fiscal note and setting ourselves up for a strong 2023. Nogin’s intelligent technology and expert teams supercharged our ecommerce abilities and allowed us to elevate our user shopping experience and brand, all while maximizing our bottom line.”

“As the direct-to-consumer landscape becomes increasingly competitive, brands need intelligent strategies to attract, convert and retain consumers, while still optimizing growth,” said Jonathan Huberman, Nogin President and CEO. “In working with Kenneth Cole, our smart promotional, merchandising and segmentation strategies were key to upleveling the ecommerce experience, increasing conversions and unlocking vital time and cost efficiencies for the brand. We look forward to our continued partnership with Kenneth Cole as the company continues to strengthen its online business, capturing more consumer dollars and driving increased profits.”

For more information about Nogin, please visit www.nogin.com.

About Kenneth Cole
Kenneth Cole Productions, Inc. designs, sources and markets a broad range of footwear, handbags, apparel and accessories under the brand names Kenneth Cole New York, Kenneth Cole Reaction and Unlisted, as well as footwear under the proprietary trademark Gentle Souls. The Company has also granted a wide variety of third party licenses for the production of men's, women's and children's apparel as well as fragrances, watches, jewelry, eyewear and several other accessory categories. The Company's products are distributed through department stores, better specialty stores, company-owned retail stores and its e-commerce website. Further information can be found at http://www.kennethcole.com.

About Nogin
Nogin (Nasdaq: NOGN, NOGNW), the Intelligent Commerce company, provides the world’s leading enterprise-class ecommerce technology and services for brand leaders that need to deliver superior growth with predictable costs and an exceptional online experience. The Nogin Commerce technology is a cloud-based ecommerce environment purpose-built for brands selling direct-to-consumer (D2C) and through online channel partners. Nogin frees its customers to focus on their brands while running as much or as little of the infrastructure as they choose. Founded in 2010, Nogin optimizes the entire ecommerce lifecycle for D2C brands, such as bebe, Brookstone, Hurley, and Kenneth Cole, achieving average growth of more than 40% in annual gross merchandise value (GMV) in the first year. To learn more, visit www.nogin.com or follow us on LinkedIn and on Twitter at @Nogincommerce.

Contacts:
Media Contact:
BOCA Communications for Nogin
nogin@bocacommunications.com

Nogin Investor Relations Contact:
Cody Slach and Tom Colton
Gateway Investor Relations
949-574-3860
nogin@gatewayir.com

FAQ

What were the sales results for Kenneth Cole during Cyber Week 2022?

Kenneth Cole exceeded its Cyber Week sales forecasts by 82%, achieving a 29% conversion rate improvement.

How much did Nogin help increase Kenneth Cole's conversion rate?

Nogin contributed to a 29% increase in conversion rate year-over-year for Kenneth Cole.

What are the key performance metrics from Nogin's partnership with Kenneth Cole?

Key metrics include a 27% increase in gross merchandise value and Black Friday sales exceeding goals by 102%.

What technology did Nogin provide to Kenneth Cole?

Nogin provided intelligent ecommerce solutions focusing on planning, merchandising, and promotional strategies.

What impact did Nogin's solutions have on Kenneth Cole's profitability?

Nogin's technology helped optimize conversion rates, maximize profits, and reduce P&L risk for Kenneth Cole.