A technology company, called Fabacus, has been set up to help fashion retailers better manage their supply chain. The company has been launched by entrepreneur, Andrew Xeni, with backing from New Look founder, Tom Singh.

The new company claims to save retailers around 15% on retail prices by streamlining supply chain processes and providing real-time information to improve delivery timeframes and to help procure materials.

Fabacus will also have a focus on ethical standards, with full vision of where goods are sourced.

"Online shopping has been a double-edged sword for the fashion industry. It’s put some traditional retailers under pressure but unlocked a massive wealth of opportunity for those able to modernise and benefit from digital technology," said Singh.

"Lean production and big data are buzzwords for some, but with the right software, manufacturers can benefit immensely by creating more potential and by better understanding what’s happening in their business. Fabacus has been created from the ground up inside a clothing manufacturer and the point is to replace a culture of sticky notes and Excel sheets with digital processes that have the potential to really help companies grow and become more efficient."

Fabacus is in talks with several other investors and said it is preparing to raise "significant funds" in the new year. It is currently is the advanced stages of securing contracts with traditional and eCommerce retailers.

Andrew Xeni, founder of Fabacus, added: "There is a huge opportunity for retailers to drive significant cost savings to consumers through better understanding how their products are made. By using living data uploaded on to the cloud, manufacturers have the potential to grow and become far more efficient."