TradeCard, the online platform that claims to provide an alternative to letters of credit (L/Cs), has signed a new agreement with major US-based global fashion retailer and distributor.

Guess, which designs, markets, distributes and licenses garments, accessories and consumer goods in North America, Europe, Asia and Latin America, is extending an existing agreement with TradeCard.

Supply chain benefits

Guess has been using TradeCard since 2007 to facilitate transactions with trading partners in the US and Asia.

The company now wants to extend its use of the online platform into Europe with the aim of standardising its global supply chain.

European converts

Chief information officer of Guess, Mike Relich, reckons TradeCard's platform for managing the supply chain from purchase order to settlement eliminates errors, confusion and paper intensive processes.

He also says that European suppliers were asking to move onto TradeCard.

L/C replacement

Relich said in a statement that Guess Europe was relying on manual processes and L/Cs to facilitate transactions.

He says the deployment of TradeCard in Europe will eliminate the need for L/Cs and provide an automated environment for communicating with suppliers and trading partners on orders and settlements.

Global operation

Guess operates more than 500 stores in the US and Canada and about half of that number again in Europe, Asia and Latin America combined.

The company also has licensees and distributors operating an additional 800 or so retail stores outside the US and Canada.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.