Material Exchange, an international digital sourcing marketplace, has acquired the Textiles Sales Agency business of Olah Inc., the New York-based firm focusing on the denim and sportswear industries and founder of Kingpins Show, Kingpins24 and Kingpins Transformers denim-related projects.
The aim of the operation is to support digital transformation in the material sourcing process. The plan is to expand Material Exchange’s digital platform beyond global digital sourcing into expert services, particularly with regard to the company’s sustainability offerings, according to notes released by both players.
The Kingpins Exchange, a section of Kingpins Show website created in collaboration with Material Exchange had been launched at the end of 2019, before the pandemic, when there was no physical event but only the event Kingpins24, an online talk show where suppliers can talk about and promote materials as well as share product and collection links. In March 2020, Kingpins24 was merged into the Kingpins Exchange as the show’s organizers were building a digital denim supply-chain platform with the aim to complement Kingpins’ in-person events with new digital solutions.
“The process of textiles sales is very outdated. Our plan is to expand the services for textile sales to buyers, sellers and salespeople. There are no universal softwares or systems of working and we hope to change that. We are looking forward to bringing our expertise in a digitized format to new audiences through the Material Exchange platform around design and sourcing for a robust understanding of the denim industry, particularly in terms of sustainability,” added Olah.
Olah Inc. has evolved from a Canadian family-owned textile agency founded about 60 years ago to a multifaceted New York-based consultancy focusing on the denim and sportswear industries. Andrew Olah will join the advisory board of Material Exchange as part of the deal.
“This acquisition represents the perfect blend of technology and human experience to further digital transformation of our industry and make it more sustainable,” said Darren Glenister, CEO, Material Exchange.
Although no additional comment about Kingpins’ future projects was disclosed, the Materials Exchange website hints that the future of Kingpins Shows could be a hybrid one, as the Material Exchange website explains referring to a conversation between Glenister and Olah held in Spring 2021: "As of the date of this piece, there are no physical shows scheduled at the moment; however, they will begin again at some point. The Kingpins Show and Material Exchange have a vision to combine the two into a 'hybrid' version."
“The process of going digital might be a challenge for a while; however, we cannot keep going the way we have been until now. We have been really indulgent when it comes to the waste that is produced unnecessarily just because of exhibiting at physical material shows,” adds Olah.
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