Li & Fung offshoot LFX acquires remaining stake in FNX Technologies

FNX’s media and entertainment experts deliver photorealistic 3D images 20x faster to enable apparel brands to scale 3D journey.

The move completes the transaction that began in 2019 when Li & Fung’s Corporate Development team invested in the startup, recognising the importance of 3D for the fashion industry to accelerate speed to market, reduce waste and help brands remain relevant to consumers.

“3D is the first step towards digital transformation for the fashion supply chain,” said Ed Lam, CEO of LFX. “However, if companies are going to keep up with the everchanging consumers tastes and scale up their digital product creation to showcase products digitally, they're going to need to automate 3D image generation and do it at dramatically faster rates. FNX has proven it can solve the use of 3D at scale for the media industry, and we know they can do the same for the consumer goods industry.”

Levering its vast experience in film and animation to render and deliver 20,000 photorealistic images in less than four weeks, FNX's automated rendering technology supports multiple formats and integrates with product development tools. Using FNX, one can get cinematic-quality digital assets for use throughout the entire product development journey—from prototyping, digital fitting, visualising store layout, and merchandising to direct display on e-commerce and social sites. "For brands, this means a dramatic leap in both productivity and creative freedom as they reclaim hundreds of hours and get to market in record time. With fewer protypes, waste and cost are also dramatically reduced," LFX said in a media statement.

Following the completion of the transaction, the team from FNX Technologies will join LFX, enhancing its ability to help brands transition to Digital Product Creation & Commerce (DPCC) and augment the team at UNIFi3D, LFX’s newly-formed 3D-as-a-Service company.

Founder and CEO of FNX Technologies Darcy Reno will assume the role of chief technology officer of DPCC for LFX. “By joining LFX, we can combine our knowledge, experience, and resources in 3D digital product developments at scale, making it easier for us to help brands and retailers master 3D and transition to digital product creation and commerce at the necessary scale,” he said.

LFX is an incubation, investment, and operating platform creating digital ventures that transform the supply chain and retail industry through its innovative digital solutions and services.

Fibre2Fashion News Desk (RKS)